CKY Books – Sell Used Books – Turn your used books into cash

The Truth About Selling Used Books

There are many outlets and venues for you to sell used books. Below you can find the best methods for selling your used books to maximize your financial resources.

Does old mean rare? Does signed mean valuable?

The first step is trying to get some sort of feel for what you have. Is it a collectible book, which has the potential to be worth a lot of money? Or do you have more recently published novels, or leftover texts from college?  The types of books you have dictate how you approach selling them.

A lot of us would like to believe that the box of old books left to us by our grandmother are valuable. Unfortunately, most old books are exactly that -old books. Usually they have little to no value.

I can hear some of you saying, “but mine are first editions!” or maybe “my books are signed by the author”.  The bad news is, the vast majority of books ever printed are first editions, because most of them were never popular enough to require additional printings. Signed books are also tricky.  An autograph, signature or inscription can often add value. However, there are many authors who will sign anything that quits moving for short periods of time. In order for an autograph or signature to have value, it has to be authentic. Can you show provenance?  Even if you can, you must then hope that enough people are collecting signed works of that author, to create a demand for the item.  Only when you have a scarce or rare item, coupled with buyer demand, will truly exceptional prices be attained.

Does this mean that all old signed books are worthless or not worth investigating? Not at all.  There are some great stories of individuals finding rare books worth lots of money.  How about the family in southern Britain who found a copy of “The Origin of Species” by Charles Darwin in their guest bathroom, which is expected to sell for around $99,000.00! Of course, I now check all books found near toilets, wherever I go.

Whenever I find something that I can’t identify, I run to the Antiquarian Booksellers’ Association of America(A.B.A.A).  This is a great resource site to point you to an expert who can help you identify what you have, and if it may have value as a collectible book. Like most aspects of life, remember that there are reputable, and less reputable individuals. Asking for references is always a good idea as are sending multiple inquiries sent to different people.

So if it is not rare or collectible, is it garbage?

Your used books always have some sort of value! Most likely, it will not be as much as you hope, but it is definitely worth a few minutes to look at them and see what you have.

The three most popular methods of dealing with your used books are below. All three are the worst possible way to deal with used books from a financial view point. Don’t get me wrong, if you have no regard for your finances, please sell your books at a garage sale or to a local bookstore. If you do opt for one of these methods you may see me.  I will be the one who comes along and buys your $15 book for 50 cents, and sells it for a profit.

Garage/Yard/Rummage Sales – The average price for a used book at a sale of this type is between 37-77 cents per book. Apparently, your location in the U.S. affects the price. Midwest and Southern states generally have lower prices, while the coasts seem to have slightly higher prices. These figures are based on what people state they have paid, not the asking price. Why these cheap prices? Your market is small, even if you have a really good book. Say you are trying to sell used textbooks.  How long do you think you will wait before a student comes along who happens to need that book and is willing to pay top dollar? Yeah – you are going to be out there awhile. If you want to sell used books in a garage sale, you should only sell the bad ones, or take a tax write off after donating them.

Tax Write Offs & Donations – Goodwill, Thrift Stores etc. – It is a generally accepted practice to deduct anywhere between 25 cents to $2.00 per book. Consult your tax preparer for more details specific to your case. Remember to keep your donation receipts in case the tax man comes calling.

Local Book Store – Many local bookstores will gladly purchase your used books and gently used texts. Be aware however, you are going to get paid next to nothing. The whole process works similar to a pawn shop type deal when you go to sell an item. Few who bother to haul their books into a store, want to haul them back home, even after receiving an offer that is insultingly low.

What is the correct method for selling my used books?

The key to successfully selling your used books to maximize your financial success is a combination of selling strategies. Tap into the online market! Sell your best books online for the most money and then dump the books that are worth less into a garage sale or take the tax deduction.

So you’re thinking, that sounds great, but I do not know anything about selling online. The good news is, there are a couple of options. One is so simple that even my grandmother is able to do it, and she falls into the “internet and computer handicapped” demographic.

Selling Yourself Online – There are two ways to sell your books online.

1. Sell your books yourself at various online sites like eBay, Amazon, ABE Books and many others. This method requires you to be more patient as well as computer/internet knowledgeable.
2. Sell your books to an online specialty site like CKY Books.  There are many online sites like this to choose from.  This method is much faster and simpler, but you will make slightly less money.

Selling online using method #1- Online Marketplaces (Amazon, eBay, ABE Books)

You must be prepared to handle many things in order to get paid and actually turn a profit.

1. Price your books properly for sale.
2. Write accurate descriptions of your books detailing the physical condition.
3. Be patient/lucky enough for your book to be selected for purchase while constantly watching the price drop.
4. Clean & package your book for shipment.
5. Deal with customer emails, questions and complaints.
6. Deal with customer returns and items that go missing during shipment.
7. Maintain high customer satisfaction ratings which are a requisite for online success.
8. Be willing to pay the fees involved.

• Site listing fees, closing fees, commission fees (Will roughly cost between 15%-22% of the sale price of the item)
• Cost to ship item ($2.38 1st pound +.39each additional pound)
• Cost to collect your money (It costs money to move money 1-2% – Hello PayPal)
• Then you have to factor in your time and labor costs, cost of goods, taxes.

EXAMPLE:

Let us assume you sell a book on one of the sites we are talking about and the selling price is $6.58.   You will face a Fee Formula similar to this:

(Sale Price – Commission – Closing fee) or $6.58 -$.99 -$1.35 = $4.24

Do not forget to take out cost of goods, packaging and labor costs. Then of course you have taxes.

The biggest drawback that nobody talks about, is the cost when a problem occurs with a sale.  All online marketplaces like Amazon and eBay are setup so the end buyer is protected. This is great for the buyer, but is horrible for a seller. If you sell something and a buyer complains, the site will hold your money until you prove your case. Unfortunately, it is your job to prove you did nothing wrong. The buyer holds all the cards and the site holds your money. There are many horror stories of reputable sellers being cheated out of their money and their product.  Of course, the rules are in place because past sellers would take advantage of buyers.  Another case of a few bad apples spoiling things for everyone.

Selling online using method #2 – Online specialty site like CKY Books

Your time and responsibilities are greatly reduced when you deal with a service like this one, but there are still some things that you have to do.

1. Your books have to meet certain condition guidelines. (As they do on the sites like amazon.com and eBay)
2. You are responsible for securely packing and shipping your books, and making sure they arrive at their warehouse. (Fairly easy to do when you choose to purchase shipping insurance)
3. Again, like most things, there are reputable online sites and less reputable sites.  When in doubt it is always a good idea to check out a company’s complaint history with the Better Business Bureau.  Steer clear of any site with a large complaint or unresolved complaint history.

EXAMPLE:

The same book we just sold on our  previous example would get you a CKY Books payment of between $2.00 and $2.55. Offers can vary from day to day, but you can always expect to get a lesser amount than you would get if you were to sell it yourself. I have seen prices of $1 per book, to well over $100 for some books on sites like this.

You will have to decide which selling methods suit you best. Personally I like to sell my books all at once, and get the most money for my good books and then take a tax write off on the ones that they won’t buy. It saves so much time, and my time is valuable to me.

The Pros are many and the Cons are few.

You enter your books into the website. If they are buying the title, you are given an offer. You may either accept or decline the offers, and the books are added or subtracted from your order. When you are done, you box up your books, print a FREE shipping label, and send off your books. Usually within 15 days, you receive an email that your books have been received and are being processed. In most cases, payment is issued within 24-48 hours via PayPal or Check (your choice). The only real expense you have with a service like this is your minimal cost to insure your shipment -$1.80 buys you $100 of insurance.

You might have a shipping problem and your box is damaged, destroyed or lost. If you do not purchase shipping insurance you are pretty much…up that proverbial creek without a means of propulsion. If you do have shipping insurance, and disaster strikes, you have to file the claim, which can take some time before you get paid. Shipping issues and the condition of your books are the only issues you really have to worry about with services like this.

Hopefully you will find this information worthwhile and it well help you decide which option is the best way for you to sell your used books.

CKY Books is offering a special first time customer promotional, between now and May 31, 2010.   Whether you sell a single book or a bunch of books you can earn an extra 10% on your payment amount just by writing the name of this article, “The truth about selling used books” on your packing slip.  This promotional offer is valid for first time customers only.  To get started selling books online and take advantage of this special offer you can head over to CKY Books and learn more.

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