STUDENTS GOING ONLINE TO SAVE MONEY ON TEXTBOOKS

by rideouti | August 18, 2005 at 08:58 am
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Used books found online combat high textbook prices according to Abebooks.com

(Victoria, BC – August 18, 2005) America’s students will show their distain for highly priced textbooks by going online and purchasing discounted and used textbooks in record numbers during the current back-to-school season, according to Abebooks.com – the world’s largest online marketplace for books.

Abebooks.com expects to sell more academic books in August and September than any previous back-to-school season as increasing numbers of cash-strapped students turn to Internet booksellers. In January and February 2005, the website saw textbook sales increase by 400 per cent on 12 months earlier, and that trend is set to continue.

List prices for new textbooks often exceed $100 and students studying medicine, engineering, the sciences and niche subjects are confronted with price-tags over $150. According to a report* from the Government Accountability Office released August 16, textbook prices have increased at twice the rate of inflation in the past two decades and the average student spends almost $900 on textbooks and supplies.

Abebooks.com offers millions of new and used textbooks, and its average used textbook price is $27.

A common title such as Organic Chemistry by TW Graham Solomons and Craig Fryhle (July 2003 edition) has a list price of $141, yet used copies of the exact same edition are offered for $89 on Abebooks.com, which also has used older editions for $1.

Abebooks.com has a dedicated section called ‘Textbook Central’ to help students find their books easily and quickly. It also includes a buy-back program where students can sell their books to recoup funds, as well as contests to win a Tablet PC, gift certificates for posters, CDs and iPods.

"Previously students had no choice but to purchase their textbooks at list prices from their own campus stores or large local bookstores," said Sue Connors, Abebooks director of bookseller community. "In the last 18 months, the Internet has dramatically changed that situation and now price-conscious students can choose between new and used editions at cheaper prices by simply spending a few minutes online."

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About Abebooks
Abebooks is the world's largest online marketplace for books, with over 70 million new, second-hand, rare, and out-of-print titles listed for sale by more than 13,000 independent booksellers from around the world. Abebooks has millions of registered customers who collectively purchase more than 20,000 books a day from its 5 global websites (Abebooks.com, Abebooks.co.uk, Abebooks.de, Abebooks.fr and Iberlibro.com). A true internet success story, Abebooks.com has been selling books online since 1996, and is a private company based in Victoria, BC Canada, with offices in Düsseldorf, Germany

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rideouti

Cost of Textbooks Continues to SoarIt's something college students have had to bear and now federal watchdogs confirm. The price of textbooks has been rising twice as fast as the rate of inflation for the last 20 years.

The federal Government Accountability Office released a report Tuesday that concludes the high price of textbooks are being driven up mostly by publishers. The GAO said the increasing practice of including costly textbook supplements and limiting the opportunity to buy used texts is contributing to spiraling book costs.

Nursing student Julie Simonson is one of many college students who struggle to budget for text books each semester. She said it's hard to find used books, and even when they are available instructors often require the newest editions. "Every year they update them to a new edition," said the California State University, Sacramento student. "You always have to have the new edition or you're off a couple of pages and the teachers don't like that."

The report also found students in the United States pay more for a particular book than their counterparts in other countries. Some students have turned to Internet sources to buy those less-expensive texts. "I bought it offline, an international edition," said CSUS student Mark Roberts. "It says not to be purchased in the USA or not to be sold in the USA but I bought it anyway for $80." At the university bookstore the text sells for $95.

A spokesperson for the Association of American Publishers said the prices are determined by what the market will bear.

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rideouti

 Study Cites Soaring Costs for Textbooks
Software supplements have pushed up prices at more than twice the rate of inflation, a federal report says. Some call them unneeded extras.From Associated Press
WASHINGTON — Once just a weighty tome, the college textbook has evolved into a package including text, colorful supplements and computer software. But those bells and whistles — which critics and many students call unnecessary — are the main reason textbook prices are rising at more than twice the rate of inflation, according to a new government report. The Government Accountability Office, in a study officially being released today, finds the average college student spends almost $900 on textbooks and supplies. ADVERTISEMENT
  
The report finds textbook prices have increased 186% since 1986, or about 6% per year. By comparison, consumer prices rose 72% over that period, and college tuition and fees rose 240%. The GAO report says publishers are investing heavily to expand the scope of their products, offering expensive supplements such as online courseware. The report does not attempt, however, to answer whether these developments are good or bad for students. A publishers trade group quickly criticized the GAO, saying the report used misleading data.Publishers contend their new products aid learning and help overworked teachers instruct and evaluate. But critics say publishers are gouging students, "bundling" their products with unnecessary add-ons and undermining the market for used textbooks with new editions — even in subjects that evolve little if at all, such as Latin. The report confirms "one, that textbook prices are a significant college cost; two, that textbook prices are skyrocketing; and three, that publishers' practices contribute to the high costs of textbooks," said Merriah Fairchild of the California Public Interest Research Group. Rep. David Wu (D-Ore.) said he asked the GAO to study textbook prices because there was little unbiased data for policy makers on how much textbooks cost and why prices were rising. But the Assn. of American Publishers attacked the report. The trade group agreed that development costs for new technology were a major factor in price increases but said some of the data the GAO relied upon factored in costs for school supplies such as computers and lab equipment that have nothing to do with textbooks. Bruce Hildebrand, the trade group's executive director for higher education, said his organization believed the average student at a four-year college spent about $600 on all books and materials. He cited figures from the College Board concluding books account for about 6% of students' full college costs. Hildebrand also said the report failed to consider that students learned more from improved textbooks. "The entire focus of what publishers do is to improve student success and none of the focus that I'm hearing from critics deals with student success," he said.

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