I was young and got suckered into a timeshare as well. I still have it, 20 years later. I believe I paid about $12,000 for a 1 Bedroom condo in Vail, CO – and that was back in 1988 when $12,000 was a lot of money. I ended up paying it off early, so I own it now, for what that’s worth.
$12,000! For the opportunity to essentially rent a single room in Vail. Let me guess, you didn’t even get a winter week.
Why anyone would purchase a timeshare in a ski region during a non-skiing week is beyond me. And even if you are getting a winter week, $12,000 is far too expensive when one considers the yearly ‘maintenance fees’ exceed the going rental rate.
Even if one has their heart set on staying in a particular location, it’s worth pointing out that most locations will offer rooms at only $99/night during late winter. Currently Christie Lodge is offering April rooms at a heavy discount. Don’t believe what salesmen tell you about the cost per night to stay in their lodges. Timeshares at retail price will never save you money.
One final thought, don’t forget that you can always rent timeshares on the secondary market. Currently a quick look on the Avon Craigslist yields the following ad:
Timeshare at Christy Lodge available to rent the week of August 30-September 6, 2008 (labor Day week-end). Sleeps 4 with full kitchen facilites. $400 for full week.
$400 vs ($12000 + recurring maintenance fees of at least $400 + other fees + the interest that could have been earned on $12,000)… suckered indeed.
