If I am generous, and I amortize that at 30 years at 3% inflation, that's $15/K/year in purchase costs in the first year. Throw in an "average" MF, another $7/K, and you are at $22/K for the first year.
That makes the Smoky Mnts 1BR I just booked (at a 30% discount, offered to all owners) just under $1,300, or about $184/night. Honestly? That's better than I thought it would be. Going through Extra Holidays the same room would be about $238/night. And only the MFs are subject to inflation, so over time the spread should get better.
If you really are doing this for a lifetime of vacations, even a developer list price purchase can work. Too bad they don't sell it this way. That doesn't change the fact that resale points are a dime on the dollar---at worst.