We've own at VGC and bought direct not long after it went up for sale (2008?). We just closed a few days ago on a VGC resale what will double our points there. We love VGC, and find it to be nicer than the GC hotel (which is the nicest property in the area). But to put it in perspective, it's the best four star in an area that doesn't have any five star hotels nearby. Pre-
DVC our family of four was staying in two rooms at the Grand Californian so for us it made--and still makes--tons of sense. But if you are fine staying at different hotels or prefer more moderate accommodations, I don't see a reason to buy DVC for use at DLR. For us, given the accommodation costs we were paying (figure two rooms at $350-550+ EACH), 8-12 days a year and we paid for our VGC points pretty quickly. Now we book a one bedroom or two bedroom and it is so much better--love the kitchen, extra bathrooms, and Jacuzzi tub. We primarily use our points for DLR. In our 8+ years we've stayed a couple nights at WDW pre-cruises, but that's the only non-VGC use we've had. We bought more points because I've started doing the RunDisney half marathons, and our 160 points quickly evaporated
Here is my $.02:
--If you like to stay on-sight and/or usually stay at the Grand Californian hotel, it can make sense to buy VGC resale points (they are not currently available direct).
--I wouldn't buy other DVC resale points to use primarily at VGC. It's very hard to get rooms at VGC 7 months out unless you don't care when you go as PP mentioned. My friend who owns BLT but uses her points at VGC was pretty successful for years but has been completely shut out on reservations the past couple years. Her BLT points are direct so she uses them at the
Disneyland hotels even though they aren't the best usage. The "buy where you want to stay" really comes into play at VGC--probably more than anywhere else.
--Using direct points to stay at Disney properties is not a good use of points especially at today's prices.
Good luck with your decision!