I'm gonna pass on owning DVC and just rent points. For me, it just makes more sense although I'd LOVE for someone to prove my theory wrong because I would love to be a DVC owner...I just don't think it's financially worth it. Is there something I'm missing...a huge error in my #'s that I don't see? Again....I'M LOOKING AT THIS FROM A $ STANDPOINT. I don't have to be a DVC member to go to WDW anytime I want. To me, the best option seems to invest the money and rent points.
I would quibble with a few assumptions, some of which others have already mentioned. But here is why you can't make a huge mistake by not buying: you can always change your mind and buy if it makes sense for you later. If you buy without thinking it through and then change your mind, you've probably cost yourself some money. There are countless ways to enjoy WDW without being a DVC member. Enjoy them and the flexibility of not being locked in with a large upfront investment and mandatory annual fees for the next 40 years. If you change your mind later, DVC is always there waiting for you.