As someone who just bought direct and is buying resale, here are my thoughts, some of which has already been mentioned.
Read the boards here, just google
DVC purchase and anything you can think of related to DVC. Sleep on it. Let the questions come and search out the answers. Educate yourself on DVC first. Learn the ins and outs of UY, banking/borrowing, booking, renting points, etc. Look at
point charts and determine how many points you think you'll need per year. Read about each resort to determine WHERE you want your home resort to be. Think about your family's vacation needs not only in the next 3-5 years, but 10-15-20 years. Analyze your financial situation, keeping in mind you're going to be spending a few hundred each year in maintenance fees. Consider the difference in maintenance fees per resort. Can you afford those maintenance fees for the next 40-50 years? THEN Go on the tour, get your ice cream and fast passes, listen to the sales pitch, and enjoy the experience, it's worth it! You won't get a hard sell, AND if you are knowledgable and well-informed about DVC before the tour, your emotions will not be as high and you will be able to make a clearer, well informed decision.
THEN make your decision to purchase. I would strongly recommend purchasing resale IF and only IF you can wait about 3-4 months before making your first reservation and IF your trip is planned for about 7-11 months from that point. I'm in the process of buying resale. 5/21 it was submitted to Disney for ROFR, 6/15 ROFR was waived. I'm waiting for estoppel now, which I expect to come in another week or two. Then I have to wait for points to be loaded. Since I'm already a member, I hope that will be fast, but if I wasn't a member, that could be another few more weeks. That means I wouldn't be able to make my first reservation until about August. So, keep in mind the timeline if you purchase resale.
I recommend resale for your "big" contract because will pay significantly less (sometimes as much as 30-40% depending on the resort). Other than instant gratification (of which I am guilty of), I see no reason to purchase direct through Disney. As others have mentioned, the restrictions on using points for things such as the cruises, etc., is NOT worth the extra cost of purchasing direct. Cruises cost so many points (300-400 for more than one person) that if you rent those points out @ $11 per point, that almost covers the cash cost of a cruise.
Had I did the tour and sales pitch BEFORE researching about DVC, I probably would have ran away screaming because I would have felt so overwhelmed, not to mention that I would have felt DVC wasn't for me. Here's an example of what I mean. In April, I was at Disney and stopped at the DVC desk in the Continental. The guide gave me a brochure, and I asked a few basic questions such as how much, where can I stay, do they have club level rooms (at the time, I loved club level), etc. She answered yes to all my questions and made it seem like DVC was the answer to all my prayers. I was intrigued, but something told me to hold off. I think it was the vibes I was getting from the sales guide - I felt like she wasn't too knowledgable. The next day, I talked to the sales guide at Poly. I asked him a few more questions, learned a little about points, got his perspective as a member, etc. I took the brochure, but declined the sales tour. I was still intrigued, but VERY confused about how it all worked. The sales guy tried to get me to go on the tour, saying that during the tour, the sales person and I would determine how many points I needed and what I could afford. I declined again, partly due to lack of time, partly due to just not feeling it.
Then I came home, did some preliminary research, and decided (at the time) DVC was not for me. Fast forward about a week or two, and I'm making reservations for the upcoming RunDisney events, MNSSHP, etc. I did some quick math on what my stays would cost me, and decided to revisit the DVC topic. I think I spent about 20-30 hours over the course of a week researching, reading, posting questions, reading more, researching more, until I learned as much about DVC as I could and realized it WAS for me and I was ready to make the next step. A few days later (after
sleeping and making sure of my decision and a few more posts here about picking a home resort) I submitted an offer on a resale contract.
At that moment I was SO glad I DID NOT purchase direct right away because I would NOT have been as informed as I am now, and wouldn't have known the differences between the resorts, what one to pick, differences in maintenance fees, etc. It felt so good making my purchase decision with 100% confidence and not a single question on my mind. What's more, when I DID (spontaneously) purchase direct (see my other post on that), it felt so empowering going into the DVC sales center and telling my sales guide I know how UY's work, and mousekeeping, and banking/borrowing. I was able to negotiate an 80 point contract at a resort I wanted rather than purchasing Poly or Aluani at 100 points. The sales guide knew in 5 minutes that I was not going to be an easy sell, especially since I told them up front I was considering a resale contract (they didn't know I was in the middle of purchasing resale).
Though I haven't stayed at a DVC resort yet (a week and a half I will!), I have no regrets about my purchase. I attribute
that to being a well-informed buyer. Remember, knowledge is power, and you will learn MUCH more on the DisBoards and other websites than you will through the sales guides.