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Where have all the timeshares gone?
I know there are a handful of people out there who have taken the bait: just sit through a short, two-hour presentation, and we'll pay for your trip to luxurious-fill-in-the-blank-destination. Well, more and more of you are saying "no" this year. Timeshare sales are expected to fall 30% this year, following the glory days of 2004 to 2008.
Until last year, everything looked great for the timeshare business. Sales did fall 8.5% in 2008, the first downward turn since the industry came into existence in 1975. But, maintenance fees stayed under control (increasing from $471 to $646 from 2004 to 2008), and sale prices surged around 30% from $15,790 in 2004 to $20,152 in 2008. Last year, $10.6 billion in timeshares were sold.
So, with the timeshare pitchers facing their worst year in more than three decades, no might be a decent time to sit through one of those "information sessions." If you want to go back to the same place on vacation every year, you'll probably be able to squeeze a bit of extra savings out of them!
Filed under: North America, United States, Hotels and Accommodations
Reader Comments (Page 1 of 1)
April Oct 2nd 2009 8:57AM
Well timeshares are coming to end partly because they are too expensive.
Let’s add up the cost of timeshare.
* Initial purchase price: $10,000
* Yearly maintenance fee: $800
* Exchange club membership: $100
* Cost of exchange: $100
* Points Program membership: $100
* Additional points: $50
* Total first year costs: $11,150
* Total yearly costs: $1,150
Now let’s do the equation again, adding in the additional yearly costs.
* Initial purchase price: $10,000
* Yearly maintenance fee: $800
* Exchange club membership: $100
* Cost of exchange: $100
* Points Program membership: $100
* Additional points: $50
* Travel Expenses: $500
* Potential investment Interest: $800
* Total first year costs: $12,450
* Total yearly costs: $2,450
With a timeshare you are sharing a property and you have to choose your weeks you want to stay. Usually you only get once chance.
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