Insider Blog: Knowledge for Hire

Knowledge for Hire Guest blogger Stephanie Brincat tells us how textbook rentals are saving students money.

At the beginning of any new University semester I can safely say the part I dread the most is opening my required textbook list for my Business & Marketing degree and discovering that all of the books I have to purchase are brand new. I am not averse to learning the most up-to-date marketing strategies; but like most students, get sticker-shock about the extra expenses. A study by Griffith University estimated that Australian students will spend as much as $500 per semester on textbooks.

Recently, I made the game-changing discovery of textbook rentals - an easy and convenient way to get the latest textbooks for University without the hefty price tag. I rent movies so why not textbooks?

Textbook rental works in the same way as BigPond movie rental for textbooks - you go online and select the books you need for that semester, pay a fee to use the book (at least 50% less than the retail price) and the books are delivered to your door - they will even pick them up when you are finished free of charge. It is a great example of a ‘product service system’, whereby you pay for the benefit of a product or its usage without needing to own it outright.

I was able to secure two of the three textbooks I needed from the textbook rental service Zookal recently launched in Australia. It was founded by four students - Luke Saunders, Antonia Saunders, Sabbi Haider and Rihan Aghmad - to promote the re-use of textbooks and save students money. “We realised that there is a problem with the amount students are forced to pay for textbooks in Australia and with the second hand market not always proving a viable alternative,” explained Luke Saunders. “With most authors re-hashing editions every year, the re-use of textbooks is hitting an all time low”.

Similar services in the United States including Campus Book Rentals, Book Renter and Chegg have taken off. Chegg, launched in 2007, is available on more than 7,000 campuses with over 4 million titles available. On average they offer 60-70% off a book’s retail price.

Taking the rental plunge
‘Plunge’ may seem like a strong word, but it was definitely a consumption shift for me. I am used to owning my books, being able to write in them, dog-ear the pages and read them while I slurp a laksa for lunch. Renting meant that I had to be a responsible parent to the book. Was this worth the savings?

After looking up the costs of my texts if I were to purchase them outright the answer was a resounding “yes”. Customer Behaviorcost me $63 to rent, saving me $77 and Integrating Business Perspectives (a custom UTS publication) cost me $49, saving me $70. In total, I saved 56% on the two textbooks through rental. Each book I can keep for the entire semester. Zookal even allows some highlighting and notes written in pencil, making the book feel more like a new book than a library book.

Getting books the old-fashioned way
I placed the order and elected for the free pick-up option from the Zookal offices, which are a five-minute walk from my campus. The whole experience was hassle-free and I had my books in hand after a lovely chat with Zookal staff (lovely chat = me being a total fan girl about the service and trying to convey that coherently without scaring them). Both of the books I received were brand new and in perfect condition. After the semester is over, Zookal have a service where they will collect the books from you free of charge

The verdict?
As I try to incorporate collaborative consumption into my daily life, I think that textbook rental is definitely a winner for those looking to save some cash up-front. Not only do I get the books that I need, but I can return them at the end of the semester (Zookal have a free pick-up service). The other option is buy all of your books new and re-sell them after the semester using a service such as Textbookexchange. Usually you can sell the book for between 50-60% of what you paid for it.

The thing that surprised me most about this experience was the terms of service. They offered delivery within a few business days and are willing to pick the books up after the semester is over - a big plus for a busy University student. All of this on top of saving me money. I am really starting to appreciate the benefits of textbook rentals. I have access to the books I need with extra cash in my pocket - I am a happy camper.

What are your experiences with textbook rentals and re-sales? Would you consider renting your next textbook?

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