This is the second post in a series we are calling MythBreakers, where we dispel common myths about textbooks and other issues that plague college students. We are on a mission in 2010 to make sure that you have access to the cheapest textbooks possible in order to defer other rising education expenses. Our previous post, MythBreakes Presents: Is Renting Cheaper Than Buying? showed that students save more by buying a used textbook and selling it back at the end of the semester at ValoreBooks.com than renting it. In this post, we are revealing some of the hidden costs of renting textbooks. These costs are the additional costs you would incur if you forgot to return your book on time, it was lost or stolen, or if the rental company considers your book damaged at the end of the rental.

If your textbook is not received by the rental company by the return date, you will automatically be charged an extension fee. The extension fees range from about 25% of the rental price, all the way through 20% of the list price. The extension ranges from 7-15 days extra. For the books we tracked, the extension fee ranged from about $3.50 to $36.16, depending on the rental company and the textbook.

What happens if your book is returned after the extension period, or is lost or stolen during the semester? You will be charged a replacement fee, a hefty replacement fee at that. The cost of the replacement fee is about the list price of the book. For our research, the replacement fee ranged from $52.86- $165.80. Keep in mind that the list price is much higher than the rental price. For our research, the average list price was $128.19.

How about damaged books? A damage fee is assessed depending on the extent of the damage, and whether or not insurance was purchased on the book. Please see the expanded data below.

To be sure that you won’t be hit with any unexpected costs, purchase a used textbook from a marketplace such as ValoreBooks.com. You can own the book for much less, and never have to worry about being charged additional fees. Even better, since you own the book, you have the right to sell it! You can participate in our sell back program or register to become a marketplace seller and set your own price! If you have any questions about buying and selling at ValoreBooks.com, please don’t hesitate to contact us! Do you have any other myths you would like us to explore?

* Buy and Sell prices are based on available pricing on 1/28/2010 at 10:00 AM. All prices are subject to change at any time based on the actions of marketplace buyers and sellers. Renting prices are based on the average prices for available book rentals at 10:00 AM on 1/28/2010 from bookrenter.com, campusbookrentals.com, chegg.com and ecampus.com. Rental prices are based on the duration of one semester. All prices are subject to change at any time.

Part of this effort is debunking the myth that renting textbooks is cheaper than buying textbooks. After a weeklong comparison of prices from ValoreBooks.com and four major textbook rental companies, the verdict is in. Buying and selling back on a marketplace such as ValoreBooks.com can save you more money than renting.

Price comparisons from ValoreBooks.com and the average rental prices from four major textbook rental companies on January 18th, 2010 show that you can save more money by buying and selling a textbook, than by renting it. The net cost of buying and selling Biology and Mastering Biology, ISBN 0321543254 on ValoreBooks.com is $37.95, while the average cost of renting the same book is $81.29, a savings of $43.34. The same goes for Calculus:Early Transcendentals, ISBN 0495011665 with a savings of $35.23 as well as Consumer Behavior , ISBN 0136015964 with a savings of $35.16. An expanded list can be found below.

* Buy and Sell prices are based on available pricing on 1/18/2010 at 11:00 AM. All prices are subject to change at any time based on the actions of marketplace buyers and sellers. Renting prices are based on the average prices for available book rentals at 11:00 AM on 1/18/2010 from bookrenter.com, campusbookrentals.com, chegg.com and ecampus.com. Rental prices are based on the duration of one semester. All prices are subject to change at any time.

You can save even more money by listing your textbook for sale on the marketplace. Here, you are able to set your own price for the book, and get paid once the item sells. You can purchase Exploring Psychology, ISBN 0716771411 in good condition for $41.87 from the ValoreBooks.com marketplace and then resell the item on the marketplace in the price range of $41.87-$63.00 when you are done using it. The net cost for the textbook could be nothing, and you could even make money on the transaction!

Since you can acquire your textbooks from several different outlets, it is important to shop around and find an option that best suits your budget.

ValoreBooks.com is pledging our support for the victims whose lives have been affected by the disaster. We have included links to The American Red Cross International Response Fund in our current email newsletters. If you have your own blog or website, please include an American Red Cross banner so that donations can be made directly through your site. Also, The U.S. State Department and the American Red Cross are encouraging people to make a $10 donation to relief efforts by texting “Haiti” to 90999. Every little bit helps.

The team at ValoreBooks.com would like to send our thoughts and well wishes to the families of disaster victims in Haiti.

Our target market is the college student. Most college students have low patience, are on tight deadlines, and need their textbooks fast! Slow responses to inquiries will result in lost textbook sales, and negative seller feedback ratings.

2. Respond to ValoreBooks.com customer service questions within 48 hours

It is imperative that all Marketplace Book Sellers respond to ValoreBooks.com Service Questions within 48 hours. If a Marketplace Book Seller fails to respond to a question in a timely manner, ValoreBooks.com will take further action on the disputed topic.

3. Confirm your orders within 48 hours

After an order is placed, it must be confirmed within 48 hours. If you do not confirm your order within 48 hours the order will be auto cancelled.  Learn how to confirm orders here.

4. Ship your orders within 24 hours of confirming them

After an order is confirmed, we require book sellers to ship out their order within 24 hours.

5. Upload order tracking for all orders

We suggest all Marketplace Book Sellers upload order tracking for their orders. This will ease the mind of the customer as they can track their package to their doorstep.  This also protects the book seller as you can verify that your item has been delivered with order tracking. Learn how to upload tracking here.

6. List your textbooks in the appropriate book condition

To prevent returns and negative feedback we suggest that all Marketplace Sellers list their textbooks in the appropriate book condition. If your textbook is not new, make sure to place it in the appropriate book condition: like new, very good, good or acceptable.  Read about our condition guidelines here.

7. Add descriptive book comments

Adding descriptive comments such as the specific edition, cover ware, highlighting, notes, CD not included, and any other important information will help aid the customer while purchasing their textbook. Textbooks that provide descriptive comments have a much better chance of selling than textbooks that lack descriptive details.  Descriptive comments will also reduce returns because the customer will know what to expect when they receive their book.

8. Keep your inventory up to date

Top textbooks sell by the thousands each day during back to school seasons. Therefore, keeping your inventory up to date is key. Any canceled order results in a lost customer and will negatively affect your confirmation and feedback rating.

9. Contact your customer with any questions or updates

It is imperative to contact your customer if any questions or updates arise regarding their order.  You can contact your customer by following the steps listed here.

10. Allow e-mails from ValoreBooks.com

Many new e-mail accounts have spam filters that will filter out unrecognized e-mail. Please set up your account to accept e-mails from ValoreBooks.com. We will send out important notifications regarding your account, orders, news, etc.

11. Use flat rate envelopes and boxes for priority mail

We suggest all sellers use Flat Rate Boxes and Envelopes to save money if you are shipping with priority mail.

12. Sell textbooks back to Valore

Always know that if you need to move your inventory you have the option to use our textbook sell back program.  All you have to do is enter your ISBN, view price quotes, ship your textbooks to us with a prepaid label, and get paid.  Learn more about our textbook sell back program here.

13.  Build your account up to become a recommended book seller

It takes time and effort to become a recommended book seller, but the benefits are worth the work. Your listings will be placed in our “Recommended Sellers” category and your book seller name will have a star attached to it.  Sellers with over 500 orders and 90% confirmation and feedback rates are qualified for this program.

14. Contact us with any questions or suggestions

We are the premier online textbook marketplace because of our book sellers!  If you have any questions or suggestions on how we can improve, please let us know.

If you would like more information on any  of these tips, or if there are any tips you feel we should add to this list please leave a comment below or contact us directly.

Click to log into your book seller account.