Why do people buy timeshares?

[Blue Collar Guy]

Speaking of timeshares anyone in here want to admit they own one in Puerto Rico?

 

[Sue J]

My sister and BIL bought a timeshare in Kauai 8 or 10 years ago. They liked it so much that they bought another one in Cancun, Mexico. It was from one of the big timeshare companies (I'm thinking it was Starwood) and my sister got all wrapped up in the points system and the trading values and all that. They ran their lives through their affiliated credit card for all the points. They could easily afford this and she enjoyed it all.

They've only been back to Kauai once or twice but they go to Cancun every year. They also do big luxury cruises and have been enjoying Europe and South America and have plans for an Australia/New Zealand cruise. They also enjoy Road Scholar trips. They travel a lot!

So, after buying the two timeshares their travel desires have changed and while they look forward to Cancun every year, they don't plan on going back to Kauai. They can trade it for something else in the system but they still have the maintenance fee. They thought they could sell it but there was no interest so they are trying to rent it.

In the meantime they still pay the maintenance fee and go everywhere else that they want to go. The yearly fee is about $3000 total for the two timeshares.

This is not a financial burden, it's more of a waste of money.

 

[Gumby]

Motorcycles, (although I don't ride one......I'd've been a statistic long ago), I can understand........but.....

As the French say, à chacun son goût. I personally do not understand the attraction of Disney, but I'm glad it's there for people who do. I also don't see the attraction of Costco and SUVs, and yet plenty of people like them both. C'est la vie.

 

[Nemo2]

C'est la vie.

Certainement, ça fait tourner le monde.

 

[brett]

No, but we did get two one week stays at a very nice timeshare/vacation club in Thailand.

We did not buy. If we did, we would buy on the secondary market. Attended a presentation(first one) in Florida a few years ago. Price was something like 12K. base. Not much. But, a friend suggested we check the secondary market. Sure enough, same product on resale for just under $3K.

 

[TrvlBug]

+1
My experience which is limited, certainly finds that timeshares are much nicer accommodation than a hotel room.
Most have been much larger, with separate bedroom from the living-room area, and I like having a kitchen available, so I don't have to go to a restaurant for breakfast.

Where can you stay at a beachfront 5* resort for 2 weeks for $100 a night (maint fee cost only, not sunk upfront costs in calc). If using your own property, in a studio the first week and a one bedroom the second week. If exchanging, we have a 2 bedroom both weeks.

I love, love, love having a w/d in the one bedroom...can pack light as well as not having laundry to do when I get home.

That said, you have to know how to play the timeshare game. It's not for everyone. Our travel plans are changing now that we're both retired; we'll probably dump at least one of ours. When we bought, we knew it was NOT an "investment" as the sales weasels claim, but a wonderful way to vacation.

We also own with a major hotel chain and can exchange into any high-end timeshare.

 

[Midpack]

It's been 30 years since we sat through a hard sell for a timeshare. I knew I was going to say no before I signed up, and had no problem doing so even after they bought the sales MANAGER in for a crack at us - I went just to see the property and financial presentation. The sales manager even ripped our young sales rep a new one in our presence for accepting a no from me, must have been brutal after we left. IIRC, the primary selling point was they tried to tell us the resale value would be far more than we would be paying, but I assume it's well known that's not been the case for most properties. So I don't know how they convince buyers these days...

 

[travelover]

..........We did not buy. If we did, we would buy on the secondary market. Attended a presentation(first one) in Florida a few years ago. Price was something like 12K. base. Not much. But, a friend suggested we check the secondary market. Sure enough, same product on resale for just under $3K.

Well sure, but the $3K one was used.

 

[HillCountry]

I understand some people like timeshare. It is different kind of experience.

I only have one question, why not buy the aftermarket that you pay just a fraction?

 

[travelover]

I understand some people like timeshare. It is different kind of experience.

I only have one question, why not buy the aftermarket that you pay just a fraction?

See my comment above.

 

[Blue Collar Guy]

Price was something like 12K. base. Not much.....

I remember when the term 12 Thousand, and not much, were never in the same sentence.

 

[Blue Collar Guy]

Where can you stay at a beachfront 5* resort for 2 weeks for $100 a night (maint fee cost only, not sunk upfront costs in calc). If using your own property, in a studio the first week and a one bedroom the second week. If exchanging, we have a 2 bedroom both weeks.

Assuming you booked way in advance for the same rooms , what would the per night price be? You might be a timeshare salesperson in the making, you made me curious .

 

[IMATERP]

"WHY DO PEOPLE BUY TIMESHARES"

1. Great Marketing people. They create a program/plan to draw people in.

2. Must work. Because even after all these years, These "free" dinners
continue to be offered.

PT Barnum once said..."there's a sucker born every minute. I do not know one person who is satisfied after 5 years of ownership.

Michael

 

[audreyh1]

Well sure, but the $3K one was used.

 

[Rianne]

We buy timeshare coupons from my sister in law who is a real estate agent. The coupon costs $250 for 7 nights anywhere you can find one you like. We bought a coupon one year and got a 7 night stay in Punta Ala, Italy overlooking the Mediterranean. There were awesome restaurants nearby. When I booked it, the agent on the phone told me to buy a lottery ticket that day. One of the luckiest finds ever! We're not obligated to any yearly fee or ownership costs, just the coupon price. You just have to search and call constantly to get the area you want. One we really enjoy is in the Grand Geneva in Wisconsin. It's the old playboy club, totally updated and 5 minutes to Lake Geneva downtown.

 

[CaliforniaMan]

Well sure, but the $3K one was used.

Aren't they all "used?" You use it one week a year, someone else uses it the other 51 weeks a year.

 

[audreyh1]

Aren't they all "used?" You use it one week a year, someone else uses it the other 51 weeks a year.

Ummm - that was the joke.

 

[bclover]

PT Barnum once said..."there's a sucker born every minute. I do not know one person who is satisfied after 5 years of ownership.

Michael

Now you know one. I love my timeshare. Animal kingdom park WDW last month

 

[Curmudgeon]

I remember my first - and last - TS sales pitch. I started as a skeptic, and mentioned that they seemed like a terrible investment - After owning for years, everyone I know who had a timeshare was trying to get out, and getting LESS than what they paid. So the salesguy says, "Oh, but you don't buy this as an investment - you buy it for the travel experience!" and went on to detail the many great travel benefits. After a bit of this, I said "Yeah, but it seems like an expensive way to travel - when you add the per week fees, and the HOA/maintenance fees, and interest on the purchase price - it would be cheaper to just rent a place for a week". The salesguy shifted gears immediately, and said "Oh, but you don't buy these for cheap travel - you buy these as a great investment!".

I just stared at him for a long awkward pause, while he realized that he had just told me the opposite a few minutes ago. I walked out of the pitch shortly thereafter.

 

[rodi]

My last timeshare pitch was when older son (now 16) was 14 months old. I was in Cabo, renting someone else's timeshare (much much much cheaper). Fortunately, my son starting fussing/crying right about the time the hard sell was starting... creating a very good reason to bail out of the pitch. No salesman wants to sell to distracted parents with a screaming baby.

 

[Ready]

Years ago we viewed the Westin Maui timeshare units. We sat through the presentation to get some sort of token gift. The ocean front units were quite beautiful and were selling for $100K each, which gave you either one week per year in the entire unit, or two weeks per year in half the unit.

We went into Lahaina for dinner that evening and happen to run across a real estate agent selling resale timeshares. Out of curiosity we went inside to see if they had any resales at the Westin. There was an oceanfront resale listed for $35K. For grins, we went ahead and offered $22K on the spot just to see the reaction. To our surprise, they accepted our offer within the hour and next thing I knew we were signing a contract.

Fortunately, when we returned to California and had to some time to sleep on it we realized it made no sense for us to own one. The annual maintenance fees were $1,800 and we just didn't want to get stuck with the ongoing payments. They had a seven day right to rescind, so we cancelled and moved on.

But it still amazes me that the Westin could sell those units for $100K a piece, and I was able to buy one with little effort for $22K.

 

[gayl]

Well sure, but the $3K one was used.

not sure if your response was tongue-in-cheek but aren't they all used after a month or so? I mean you're not the only one who gets to stay in the timeshare. There are normally 51 strangers staying there as well, aren't there?

 

[audreyh1]

not sure if your response was tongue-in-cheek but aren't they all used after a month or so? I mean you're not the only one who gets to stay in the timeshare. There are normally 51 strangers staying there as well, aren't there?

Yes it was tongue in cheek.

 

[Nemo2]

Yes it was tongue in cheek.

Don't you just hate having to explain jokes?

 

[Gumby]

Yes it was tongue in cheek.

There should be a special font or something.

Don't you just hate having to explain jokes? .

Humor is like a frog. You can dissect it, but it dies in the process.