And you are right, it is a depreciating asset. When people say they are "making an investment" in DVC they are not talking about buying and selling it at a profit. But they are talking about buying an asset that they expect will provide them with a tangible return. Primarily savings on future lodging, but also other potential discounts. Thinking of it as an investment is entirely appropriate, and I think it is a wise approach to consider whether the return is worth it to your own particular situation.