The American Resort Development Association (ARDA) conducted a survey of 1,722 timeshare owners asking for "Reasons For Buying Timeshares". The results surprised me:
[] Save money on future vacations 44%
[] Resort location 43%
[] Flexible locations, unit types, times of year 35%
[] Certainty of vacation 29%
[] Certainty of quality accommodations 28%
[] Ability to pass to heirs 27%
[] Exchange opportunities with other resorts 23%
[] Affordable price for vacation home 23%
[] Amenities at home resort 23%
[] Affordable financial terms 23%
Here's what I found surprising:
* Unless you're buying on the secondary market or traditionally spend $300 a night on hotels, an average timeshare will not save money on future vacations...and there's nothing wrong with that
* Only 23% noted exchange opportunities
* While the average timeshare is in fact significantly less costly than a vacation home, you can't (and shouldn't) really compare the two
* Financial terms of 15%, 16%, 17% or more for 7-10 years don't really sound "affordable" to me
What do you think? Why did you buy a timeshare?
1 comment:
Any survey engineered by the developers would want to "emphasize" the primary sales tools for the industry.
The "fuzzy" mathematics is a part of every timeshare sales presentation. There was a fantastic article from CBS MoneyWatch that did a great job of debunking the mathematical sales pitch. I can email you the link if you like.
For the consumers- that promise of savings is likely always going to be one of the top things they'll remember from the pitch. I'd love to ask a follow up question... "Do you now believe that owning a timeshare has saved you money on your vacations?". Timeshares are a fantastic way to vacation in my opinion, but they should NEVER be touted as a sound financial investment.
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