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| I just purchased a new
Timeshare! Did I get a Good Deal? This
article was written for owners who have just purchased a new timeshare
directly from a developer or resort and are questining how good a deal
they got, if any at all! The answers to this question are
very eye opening, and extremely disappointing to most new timeshare
owners.
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I
just bought a new Timeshare directly from the resort, did I get a good
deal?
This is an extremely common
question we get on the TUGBBS forums from new owners who have just
purchased while attending a timeshare presentation on vacation, and are
now doing the research to determine exactly what they bought!
If this describes your situation, then we have one immediate
recommendation to you right now. RESCIND! Stop whatever you are doing, put down your coffee, sign off the internet, put the TV on mute, and put your kids to bed! No matter where you bought you have a short window of opportunity to cancel the contract, usually under 7 days. If you are within this window, you only have one chance to cancel before you are now stuck with this timeshare contract for life! The fact that you are now doing the research on a multi thousand dollar purchase (something you should have done before signing on the line) proves that you dont exactly know what you bought, how to use it, what it comes with, or more importantly the financial obligations that you will be responsible for for the remainder of your life (or 50 years if you bought a RTU contract). No decision worth this much money is one you should make without doing as much research as possible, especially regarding the PRICE! When buying a timeshare new from the deveoper, you are paying on average anywhere from 50 to 95% MORE than you should for the EXACT SAME ITEM you could purchase from an existing owner looking to sell their timeshare. Dont belive me? Check out some of the resale prices on Ebay, or here in the TUG TIMESHARE MARKETPLACE, or any of a selection of timeshare resale websites on the internet. There has never ever been a worse time to try to sell a timeshare, this along with the huge amount of people wanting to get out of their timeshare...and the relatively small number of people (yourself included) who have any idea you can actually buy a timeshare from another owner vs directly from the resort...has driven resale prices down to levels never previously seen in the history of timesharing.
There are even products that are currently for sale new from the developer, that sell on the resale market for 1 PENNY ON THE DOLLAR. Yes, thats 99% depreciation for the exact same product, and I can assure you that whatever you purchased from the developer, you can find cheaper from another owner. Even if you cant...there is still no reason to enter into the contract after sitting through 2 hours of a sales pitch, and not actually knowing what you are buying! Despite the fact that the salesman told you that this offer was "only available if you sign now" or whatever similar line to pressure you into thinking you are getting the deal of a lifetime, I can promise you that should you cancel now, you can call that same resort back next month and they will jump through the phone to offer you the same deal if you are willing. Also note to read your contract exactly to determine the detailed process for cancelling your contract within the allowed time, you must follow these instructions to the LETTER to ensure the resort honors your cancellation request! You have nothing to lose by your own hard earned money by not rescinding and investigating the resale market to find exactly what you bought for a fraction of the price! Believe me, you will thank yourself later for doing so, and will not have to utter the phrase so common amongst TUGGERS who find us after their recission period has expired: I wish I would have found TUG
before I bought my first timeshare! Feel free to stop by our Timeshare Community Forums if you want to ask specific questions, with more than 60,000 other Timeshare owners and experts, no question goes unanswered!
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page updated may 2013 by B Rogers - Send email regarding this page to tug@tug2.net