Thursday, Jan. 21, 1960 University Daily Kansan
Page 3
An Open Letter to Jayhawkers WHAT ABOUT BOOKS?
We realize you don't appreciate being reminded that finals are coming, but since final time is also used book buying time we thought we should discuss our policy for buying and selling used and new books.
Used Books-What Can I Sell? How Much Can I Get?
At each buy back period we are able to buy only those texts the teaching staff has indicated will be used again next semester. With this commitment we are able to offer 50% of the publisher's current list price for the title. We then sell the book for 75% of the current list price. For example, if the book lists for $4.00 new, we buy it back for $2.00 and resell it for $3.00. Our major problem is how many to buy. If we overbuy on used books it usually represents a loss to us. If we can't sell them to another store for the same price we paid for them or sell them to a wholesaler at the regular market wholesale price we must write them off as a total loss. Our used book policy stated simply in figures is as follows: Let's take a book which sells for $5.00 new and $3.75 used.
You paid We buy back Patron refund Total you get back
For New Book $5.00 $2.50 or 50% .50 or 10% $3.00 or 60%
For Used Book $3.75 $2.50 or 66 2/3% .37 or 10% $2.87 or 76 2/3%
$3.75 $2.50 or 66 2/3% .37 or 10% $2.87 or 76 2/3%
What About Books No Longer Used at KU?
During this same period (final exams) we arrange to have a buyer from a used book wholesale jobber on duty who will make an offer on most books no longer being used at KU. The best offer he can make on good current books is about 25% of the current list price. He must pay the transportation costs to his warehouse, his warehouse overhead and take the chance on selling these books to some other store at 45% of the current list price. The extra 5% allowed the stores is for freight costs which actually means the store pays him the same price, 50% list, that it pays the students for used books.
What Do Other Book Stores Do?
The buying back at 50% and selling at 75% of current list price is the policy in most college stores. This policy has worked successfully in a large number of college stores and makes for economical and easier means of exchange in used books.
What Are Old Books Worth?
We indicated above that the book jobber can pay a top price of about 25% of current list price. This is for a book that
has considerable use across the country and is not likely to be revised in the near future.
An old edition is almost worthless, while a book that is in the process of being revised has some value. The jobber will make an offer on some of these, but the student must decide if the book is worth more to him than the jobber.
Many students feel their books are worth more to them for their personal library than the amount either the store or the jobber can offer. This he must decide for himself. Even though we like to get all the used books we can in order to offer them to the next group of students at a saving, we have great respect for those students who keep their books to build a personal library.
New Books
We would like to point out that we have no control over publishers and their decisions to bring out new editions, or the price they set on textbooks. The publisher sets the price on a textbook and then allows us a 20% discount from this list price. In other words a book we buy new and sell for $4.00 costs us $3.20.
With respect to the decisions to change texts being used on the campus, we firmly believe the faculty honestly and sincerely tries to select the best available text for their courses and that they take all factors into consideration when they do so. The faculty would be dilatory in their duty and obligations to you if they did not keep up with changing facts and developments in the selection of textbooks.
We hope our explanations have been clear, that the book situation is now better understood and that we have given enough information to help you decide whether or not you will want to sell your used books.
Your Kansas Union Book Store is a self supporting profit sharing division of the Kansas Union. It is the desire of your Union through its Book Store division to continue to offer you your books and supplies at a savings as long as it is economically sound to do so.The following chart showing how each dollar of income of the Book Store is divided and how it is used is based on the actual percentage figures appearing in the annual financial report.
From Each Dollar Income:
Paid to Manufacturers ... 72.85c
Operating Expenses ... 16.79c
Patronage Refund to Customers ... 9.29c
Reserve for Emergency & Expansion ... 1.07c
Total ... 100.00 cents
Net Income ... 0.
KANSAS UNION BOOK STORE