I for one believe that what I get in terms of value and flexibility with my timeshares far outpaces what I get from renting, hotels, etc.
This post may get a lot of backlash
But I own timeshares and purchased them with the idea they were not an investment but they gave me a nicer place or places to stay at than a hotel
I read. Read and read some more how horrible they are and people desperately trying to get out and I get that.
There are times I myself would like the same.
But the question is why are they a scam?
I purchased a $80,000 pick up truck and did not go home and immediately get on line looking for a way to get the dealer to take it back. In fact I traded in a 1 year old truck on this one and took a $15,000 loss and never asked the original dealer for a refund or complained that I lost money on it
I did lose but knew that when I bought the first truck and again when I bought the 2nd
Poor decisions. Absolutely!! But they were my decisions.
I will never make $$ on this vehicle as it’s value is dropping faster than the balance owed but it serves a purpose
How are timeshares any different?
Sure. Some sales people either lie or they themselves don’t actually know what they are talking about.
But is it not up to us to make an educated purchase?
I’ve made many poor financial decisions. Timeshare included, but in the end it was my decision and I was never held at gun point
I think part of the regret is that many people. Myself included although I think I’m getting better at it. Do not know how to fully use their timeshare
And I think many people are on a fixed budget and save for a long time or use a credit card to take a vacation and vacations are much different than real life
They see a resort that took them a few years to save for to get to and fall for the lifestyle
Then once they get home they quickly realize that they don’t have the extra $$ to live that life or go on that type of vacation every year
My point is. I don’t think there are really many things in life that make us a profit
Not my groceries. Not my vehicles. Not my insurances or any of my entertainment so why do we. Again myself included feel that timeshares should be any different??
So, the summarize, something you are lied to to get you to buy it, and you pay, say $25,000 for, when people are trying to give the same thing away for free, and then you can't get rid of it, so you have to keep paying additional fees for something you do not use, ad infinitum, is not a bad deal.
OK
They are and they aren't. The underlying concept is good, if you limited it to the target population (which is a very small portion of the total population) and had a sales methodology that didn't lead to inappropriate selling.
Unfortunately, the massive up-front profit on the initial sale, leads to the abuses seen. This is compounded by the owner restrictions many timeshares place on the owners - such as limits on commercial renting.
But as long as there are people who can be convinced to buy timeshares new, the status quo will remain.
Your points are just as valid now as they were 25 years ago. Well, maybe not quite, but I might have made the same ones myself back then.
When ever I start singing the praises of timesharing I tell people that they need to beware that there are a lot of scummy people in the industry.
We could start a thread “Lies my timeshare sales person told me.”
I don't consider the timeshare a scam...
Owners of The Manhattan Club in NYC were scammed.
There are always isolated cases where a resort goes bad...