Thanks for the valuable feedback. My question wasn’t necessarily about HGVC per se but the value of timeshares in general. I understand that it may pay if you tend to vacation in the same spot more often than not. However I had believed a point system is better suited for those who want a more varied vacation experience. But if it entails being awake at midnight 9 months in advance to the day and for almost every night for a week thereafter to book a vacation (and no guarantee that will even work), then why pay all those high upfront costs of purchase (even in resale) as well as annual dues and fees? If i had to book a straightforward hotel room in Hawaii 9 months in advance I am sure I would have little trouble finding something.
Basically what is the advantage of timeshare vs hotel bookings? And is there a different point based timeshare system with generally greater availability (Marriott?). Would appreciate any feedback.
What do you value? That is the most important question.
Price? Flexibility? Location? Size? Amenities? Availability? Depending on what you value among these questions, those values describe the best fit for your needs.
Hotels are the most flexible. No buy-in required, lots of choice for availability, easier to reserve closer to usage. Drawback. Highest price per square foot, smallest place to stay. Hotels tend to have a particular amenity set.
Timeshares cover a large range currently, so it is hard to generalize. the more classic timeshare style tends to be more spacious, much cheaper per square foot, and have a different amenity set. Also you tend to be limited to where you own, and you have to pay for the timeshare every year, whether not not you use it.
Because the limitation of where you can vacation with classic timeshares, various "fixes" have been implemented to provide more flexibility. The first was the exchange corporations, such as II and RCI. The big systems themselves got into providing more flexibility, with selling "season" period timeshares, and later with points systems. This was done to help sell the timeshares, by getting more people to buy a more "hotel" like property. Each system is a unique entity, with different rules and advantages. And different prices. . .
You mentioned the Marriott points system in passing. There is competition for high demand periods, just as much as classic timeshares. There are only so many rooms, and so much demand. Marriott rations by price. Let me give you a comparison.
A typical summer 2 bedroom Marriott Hawaii timeshare week runs around 6,000 points. (Some a little more some a little less.) Peak weeks (New years, for example), can run upward of 9,000 points. What does that cost on a daily basis? Well. . . with MFs at 57 cents a point, that would be $3420, or for 7 night $488 a night. For New Year's, that would be $5130, or $732 a night. (Or so, depending on view). That is how Marriott deals with high demand weeks, by charging more points to reduce the demand.
On the other hand, I own at Bay Club (Big Island) My current MF are around $1650 a week, or $235 a day. But I don't have ocean front, ocean view, or super fancy swimming pool. And to get the weeks I want, I have to plan a year (or more) in advance. (And I can't book New Year's or Christmas at all . . .) I value price over short term flexibility or fancy amenities. That's a personal choice and no one is required to make the same choices.