Primo Management Group | 7200 Lake Ellenor Drive, Suite 201 and 202 Orlando, FL 32809 | (407) 627-1179

Free Consultation Click to Call

Used Timeshare vs. New Timeshare: Pros and Cons

New or Used Timeshare

December 24, 2018 – by Primo Management Group

New or Used Timeshare

With all the used timeshares on the market, you may be wondering where to buy.

The timeshare resale market is overflowing with inventory. Meanwhile, developers and sales reps are scrambling for buyers. What are the pros and cons of buying a used timeshare? Let’s find out.

What Is a “Used Timeshare”?

First, there’s not really any such thing as a “used timeshare”. Technically, if the unit was new construction and you had the first week, then you’d be staying in a “new” timeshare. But after that week, it would no longer be new. So, the concept of a used timeshare isn’t really a thing. However, you do have two main options: buying a timeshare from a developer, which most people consider new, and buying on the secondary market from an existing owner. That’s a “used timeshare.” But the thing that you’re buying is essentially the same.

The Price Tag

The biggest reason people buy “used timeshares” on the resale market is price. In 2017, the average cost of a timeshare  purchased from a developer was $22,180. By contrast, you can find timeshares on eBay for $1. Buying a $1 timeshare is probably not a great idea but you can find resale options for 5-10% of the original price. That’s a significant savings. So, it’s easy to see why people would look to resale when they want a bargain.

Free Gifts

Developers and sales reps are notorious for offering incentives to consumers in exchange for listening to their sales presentation. These incentives might be dinner coupons, vacation discounts, or even cash. The value of these incentives is typically less than a $200. Not nothing but nothing compared to the thousands of dollars saved on the resale market. And the resale market is not without its own incentives. Because there are so many listings, sellers often offer their own incentives. If you shop around, you might find sellers willing to pay your closing fees or even your first year of maintenance fees.

Developer Defense

As you might imagine, developers and resorts do not like the resale market. After all, why would anyone buy from them for thousands of dollars when they could pay almost nothing? So, they do what they can to discourage people from using it. Some companies do not extend all owner benefits to timeshares purchased on the secondary market. For example, you may not be eligible for exchange programs. They may also exercise their Right of First Refusal (ROFR) and swoop in and buy a timeshare out from under you.

The Bottom Line

No matter where you buy your timeshare, you’re still buying into the timeshare trap. Even cheap timeshares come with maintenance fees, special assessments, and other liabilities that you’ll be paying forever. You’ll also be locked into the same week or same location unless you buy into the exchange programs for additional fees. Where timeshares are concerned, the buy-in price is the tip of the iceberg. This is why you can find so many timeshares for pennies on the resale market: people are desperate to get out. They are so desperate they’ll do anything.

Did you find this out the hard way and are now stuck in a timeshare that no longer works for you? We help people like you every day. Contact us for a free consultation to see how we can help you get out of your timeshare.

(Image Source: Pixabay)

Tags:

Get A Free Consultation

Relieve Yourself of the Unwanted Timeshare Burden

Your information is 100% secure and encrypted. We will never sell or share your information with anyone.

Get A Free Consultation

Relieve Yourself of the Unwanted Timeshare Burden

Your information is 100% secure and encrypted. We will never sell or share your information with anyone.

Frequently Asked Questions ?

How does PMG get me out of my timeshare contract?

PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.

How long does the process usually take?

Usually less than 12 months, but it all depends on your situation. If your timeshare is free and clear with no mortgage, then the process may only take 3-9 months.

Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.

How much is my timeshare worth?

This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.

Can I use your service if I still have a balance owed on my mortgage?

Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.

Will my name be off the timeshare?

Yes! Permanently! GUARANTEED!

In addition to getting me out of my timeshare, can you recover the money I’ve already spent on mortgage payments and maintenance fees?

While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, timeshares are loath to give back the money they’ve already taken.

Are your consumer advocates really “consumer advocates”, or is that just a fancy word for salesperson?

Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.

Why should I choose PMG to get me out of my timeshare?

We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We go above and beyond for our customers by helping you to protect your credit and even repair your credit if needed. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.

What happens after I sign up with you? Will I be apprised of your progress?

At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client is assigned a case manager whose job is to keep you in the loop throughout the entire cancellation process. Your case manager is always just a phone call away.

How much is your fee?

Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.

What if I still have more questions?

Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.