Every year, 4.4 million people sell a timeshare on the secondary market, usually for more than half of the original purchase price. Whether or not a timeshare is a scam probably comes down to the individual’s perception of what they have. Many may love knowing they can spend the same week every year at the same resort.
For many others, their interpretation of the timeshare they own can turn from a great purchase to needing timeshare exit support. What seemed like a great decision while enjoying the vacation of a lifetime may lose its luster when the annual payment comes due.
Maybe the best way to determine if you need timeshare exit support is by considering these points:
What Would You Do With the Money
If you weren’t buying a timeshare, what would you otherwise do with the money being paid or borrowed to purchase it? It is important to remember that when the timeshare salesperson talked about how the cost of vacations would keep going up, it wasn’t mentioned that the money being spent today is worth far more than it will be at some point in the future.
If your answer was that you were going to invest the money instead, a long-term investment that is compounding faster than inflation would make the cost of going on vacation in the future far less expensive than the cost of buying a timeshare now. Think of it this way: $20,000 spent today could otherwise be invested today at a market average of 8% and be worth $93,000 in 20 years. Spending $20,000 today could also be interpreted as losing $73,000 in potential income. That amount buys more than a few vacations.
Do You Want to Go to the Same Place?
Ask yourself, “Do I want to try new places or go to the same place every year?” Buy that timeshare and you’re locked in unless you’re willing to pay high fees to use another property. Often those fees are the same as if you just booked a hotel room. More than likely, you’d prefer to see some new things once-in-awhile.
Based on financial considerations alone, a timeshare can be a really bad purchase and timeshare exit support might be needed. For others, going to the same place every year might sound just great. It’s all perception.
