Financial advice for college students and parents of college student

[Root beer]

I decided come home this weekend and on the interstate I was pondering about whether I be better off buying books or renting books. I devised a decent model to help me figure out this dilemma.

Here what you do:

Step 1) Calculated your total book price at the bookstore or wherever you choose to buy your books from.

Step 2) Calculate/estimate the buy back price of your books. (this can be done by going to online bookstores and clicking on "sell textbooks." You should get a quoted price.)

Step 3) Take the total price in step 1 and subtract it from total in step 2.

Step 4) Total up the total price it will cost to rent the books.

Step 5) Compare the total in step 3 to step 4. Which ever number is lower, is the decision you should make.

In my theory if you take total cost of buying books minus buyback equals the amount of money you are losing. The total from rental cost is the amount you are losing. I prefer to keep my loss to a minimal.

The only problem with my model above is, it doesn't take into account whether the book will be available for buy-back at the end of the term. So, be aware of that. I hope this help some of you all with your budgeting for upcoming school years.

[Slip Gun]

Two things not included in the calculation

1) Sales tax on the books you buy (Sales tax on renting will be less)

2) Some books will have new editions released and the may not buy them back at the end of the year.

[b.Lee]

I decided come home this weekend and on the interstate I was pondering about whether I be better off buying books or renting books. I devised a decent model to help me figure out this dilemma.

Here what you do:

Step 1) Calculated your total book price at the bookstore or wherever you choose to buy your books from.

Step 2) Calculate/estimate the buy back price of your books. (this can be done by going to online bookstores and clicking on "sell textbooks." You should get a quoted price.)

Step 3) Take the total price in step 1 and subtract it from total in step 2.

Step 4) Total up the total price it will cost to rent the books.

Step 5) Compare the total in step 3 to step 4. Which ever number is lower, is the decision you should make.

In my theory if you take total cost of buying books minus buyback equals the amount of money you are losing. The total from rental cost is the amount you are losing. I prefer to keep my loss to a minimal.

The only problem with my model above is, it doesn't take into account whether the book will be available for buy-back at the end of the term. So, be aware of that. I hope this help some of you all with your budgeting for upcoming school years.

This is what I did, buy all your books for cheap online i.e. Amazon, B&N, half, and sell them back to the bookstore on campus. Or you go to the class in the following semester and try to sell it to a student there.

Also assume if you have let says 10 books, you will sell back 5 on average.

[Nibbles]

Check on your campus to see if there are any local rackets going on for used books. For instance, at my campus we have a site dedicated to buying and selling used books from and to other students. It's like a local craigslist for used textbooks - anyone can post and reply, and you can set a time and place to meet and exchange $ for books.

[Root beer]

Check on your campus to see if there are any local rackets going on for used books. For instance, at my campus we have a site dedicated to buying and selling used books from and to other students. It's like a local craigslist for used textbooks - anyone can post and reply, and you can set a time and place to meet and exchange $ for books.

We have students posting books for sale all the time around campus and one girl wanted to charged me $45 bucks for a loose leaf psychology book. It was $50 bucks in the bookstore brand new...... :

I just posted this advice in case anyone was wondering whether they are better off renting or buying.

[NateFollmer]

I buy my books and keep them because I like to have them for reference. Of course, I'm talking about programming so I usually have to reference everything from theories to math... I have A LOT of math books. Physics books are always a fun read too... Gosh I'm a geek...

[spin king]

I wouldn't plan on keeping many (if any) books.  I am an engineer and have found it extremely rare that I would ever reference a text book I used in college.  You can find what you need on the internet.

[erau618]

like B.Lee said...go to the bookstore and get the ISBN number and then order them online. It will save you a lot of money...unless the books are brand new editions, then you're screwed.

[Root beer]

like B.Lee said...go to the bookstore and get the ISBN number and then order them online. It will save you a lot of money...unless the books are brand new editions, then you're screwed.

Like I said above, you can be better off renting.  I even went through online sources and lot of time I'm still better off renting. That's whole point of my post.

[Bass_Fanatic]

I just grauduated in May and I haven't bought a book since my freshman year.  They are a waste of money!!!!  Half of the classes rarely even use them and the ones that do you can just find you a girl in there, act sweet, and BAM! you got yourself a book to use...with benefits!!

[Tin]

Chegg = Awesome

[bmadd]

Chegg = Awesome

Good to see your still alive. Thought you had fallen prey to another spider

[Tin]

Chegg = Awesome

Good to see your still alive. Thought you had fallen prey to another spider

No I'm around. Just on a couple of other forums and working on some other things. I still have your #, don't worry.

[Captain Obvious]

I think renting books is OK for those core classes like Government and history but I like to buy and keep the books for my major because you never know when you might need them.

[Eddie Munster]

My daughter just started and she bought the first book on Campus for $120+  Next two I bought online at Half.com for $75 (list $160) then $7.00 (list $140)  Buying used seems like a no brainer then sell on the back end. You might even break even in some cases.

[Root beer]

My daughter just started and she bought the first book on Campus for $120+ Next two I bought online at Half.com for $75 (list $160) then $7.00 (list $140) Buying used seems like a no brainer then sell on the back end. You might even break even in some cases.

I bought a book online for 20 bucks the listed price was 130 bucks and I couldn't sell it back to bookstore nor any other places online at semester end.  : I got a calculus, economic, history, and one or two more books in my closet....My accounting book is only one I chose to keep.

If it a looseleaf book, either rent it or try find someone else selling it. You will never sell them back to bookstore or other places. I had a computer book that once you open the package you cannot return it, I just borrowed from a friend.

I'm only buying one book this semester and cheapest I can find online is $130 bucks...