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University Daily Kansan Wednesday, Jan. 15, 1958
AN OPEN LETTER TO ALL JAYHAWKERS What About Used Books?
Dear Jayhawker:
We realize that you will not appreciate our reminding you that exam time is near; but since exam time is also used-book-buy-back-time, we thought we should discuss our policies for buying and selling used books.
We do not wish to waste your time, but each time we buy back used books there are many questions asked by students, indicating that they do not quite understand, that they'd like to know more, and that until they know more, they're not quite sure that this buying and selling of used books by the Book Store is being handled just right. So if you'll bear with us we'll explain our used book policies.
Which Books Can I Sell? How Much Can I Get?
At each buy-back period we buy only those books which K.U. professors have indicated to us will be used the next semester. With the professors already committed to using the book, we can pay our top price for used books-50% of the publisher's current list price—our only problem being that of guessing how many we need. We then sell this used book for 75% of the list price. For example, if a book lists at $4.00 new, we buy it back for $2.00 and sell it for $3.00.
Normally, our margin on new textbooks is $20%. In other words, that $4.00 book we buy and sell new, costs us $3.20. Our gross margin on the new book, then, is $.80, as against $1.00 on the used book. We need that extra 5% of list price on used books; because, if we buy too many for a given course, we are stuck with them. Overstock of new books can be returned to the publisher in most instances, but overstock on used books usually represents a loss to us. Sometimes we can sell them to other college stores at about what we paid for them, sometimes we can sell them to used book jobbers at about half of what we paid for them, but a good share of the time the used book overstock is written off as a total loss.
What About Books No Longer Used At K.U.?
During the same periods that we buy used books (during semester examinations) we arrange to have on hand a buyer from a used book jobber who will make an offer on most books that are no longer being used at K.U. The best offer he can make on a good, current book is about 25% of the current list price. You see, the jobber must pay transportation to his warehouse, pay his warehouse overhead, and take a chance on selling these books to some other college store at 45% of the current list price. The extra 5% amounts to a freight allowance to the college store, which actually makes the college store's cost 50% of the current list price, or the same amount paid to students when the college store buys directly from them.
What Do Other College Stores Do?
This buying back at 50% of the current list price and selling at 75% is a policy at most college stores. It works out best for us if our buy-back and selling policies are similar to those of other stores when we exchange used books with them. And it makes pretty good sense to assume that policies which are successful in a large number of college stores very likely will apply to our store.
You will note that we keep referring to CURRENT LIST PRICES. As publishers' list prices vary, so do ours; and for the last few years this varying has been in favor of the student who has sold his used books. For example, if a student bought a $4.00 book, used, at $3.00 and then the publisher found it necessary to increase the list price to $4.50 during that year, we would offer the student $2.25 for his book. Of course, if the publisher reduces the list price, the student gets less for his used book. We haven't had much of this lately, however.
What Are Old Books Worth?
Above we indicated that the book jobber can pay a top price of 25% of current list. This is for a book that has considerable use across the country and is current enough not to be in danger of being revised in the near future, or to have been revised already.
An old edition is almost worthless, while a book in danger of being revised has some value. The jobber will make an offer on most of these, but frequently the student will decide that the book is worth more to him than it is to the jobber. As a matter of fact, some students think their books are worth more to them as part of a growing personal library, than the $50\%$ of list the bookstore offers. This, of course, is the decision each student must make for himself; and even though we do like to get all the used books we can in order to offer them to the next group of students at a savings, we have great respect for those students who keep their books and build their own personal libraries.
We would like to point out that we have no control over publishers and their decisions to bring out new editions, or the prices they set for textbooks. Neither do we have any part in decisions to change the texts being used on this campus. We sincerely believe our faculty honestly and sincerely tries to select the best available texts 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 text books.
We hope our explanations have been clear, that the used book situation is now understood, and that we have given you enough information to decide whether to keep your books or sell them. We are always pleased to make an offer on used books which are still in use at K.U., whether or not the owner decides to sell.
Many thanks for bearing with us. Stop in and see us if you desire additional information.
Very truly yours,
STUDENT Union Book Store