question about OKW expire dates

[KPOP]

Does anyone know if it is still possible to extend an OKW contract?

Thanks

 

[chalee94]

i believe so.

it's a terrible deal, though. (i think it's still $25 per pt for pts you can't use till 2042.) i would never consider it at more than $8-10 per pt at most.

 

[friends with mickey]

i believe so.

it's a terrible deal, though. (i think it's still $25 per pt for pts you can't use till 2042.) i would never consider it at more than $8-10 per pt at most.

Please explain to me why extending your points for an additional 15 years is a terrible deal. To me it seems like what you are doing is buying a 15 year contract at OKW for $25 per point. Paying for it now is insuring your vacation costs until 2057. Isn't that what we all did when we purchased DVC? We bought points that we could use until 2042 and paid much more than $25 per point. Once you pay for the extension there are no other costs until you start paying MF's in 2043. Actually continuing to pays MF's is more accurate. I extended my contract when offered the chance for $15 using the reasoning outlined above. Why is that a terrible deal?

 

[chalee94]

We bought points that we could use until 2042 and paid much more than $25 per point.

actually, we bought points that we could use - starting right now - until 2042.

you need to understand the time value of money. if you give me $1000 now, i will be happy to return your $1000 in 2040. but most people wouldn't make that deal - they would expect to pay much less than $1000 now to get a $1000 payoff in 2040. inflation and all, right?

you see this when you look at an OKW2042 resale compared to an OKW2057 resale. the 2057 contracts have typically been valued at only $5-10 more than the 2042 contracts...despite the fact that the OKW2057 owners had to pay a $15 to $25 surcharge to get the extension.

not worth it. so points in 2043 just aren't really worth the same as points right now...just like $1000 in 2043 isn't worth the same as $1000 right now. too much uncertainty and risk that things will change.

(but if it makes you happy, sure, knock yourself out.)

 

[Jason@dvcstore]

Please explain to me why extending your points for an additional 15 years is a terrible deal. To me it seems like what you are doing is buying a 15 year contract at OKW for $25 per point. Paying for it now is insuring your vacation costs until 2057. Isn't that what we all did when we purchased DVC? We bought points that we could use until 2042 and paid much more than $25 per point. Once you pay for the extension there are no other costs until you start paying MF's in 2043. Actually continuing to pays MF's is more accurate. I extended my contract when offered the chance for $15 using the reasoning outlined above. Why is that a terrible deal?

In my opinion it is not such a good deal to pay Disney $25 (it was $15 at one time) to extend your OKW membership from 2042 to 2057. I think most OKW owners felt this way and that is why they didn't extend their points. Most owners felt that if they were going to give Disney any more money they were going to buy points that they could use themselves over the next 15 years. They didn't want to pay that money and then most likely someone else would be using the points between 2043 and 2057. As the other poster mentioned those 2057 contracts on resale are only selling for a few dollars more than those that expire 2042. Of course, those people that paid the money to extend their OKW memberships thought they would keep their ownership until 2057 but things are constantly changing in peoples lives so some of them have had to sell and now wish they would have never extended.

I personally don't think Disney is going to offer any extensions at the other resorts as the Old Key West ownership didn't go over like they planned. I personally wish in 2042 when some of the resorts expire they simply completely tear them down and start over fresh and new. I like to think things are constantly improving and by then the accommodations should be even better.

Jason

 

[Jason@dvcstore]

Does anyone know if it is still possible to extend an OKW contract?

Thanks

It is still possible and it is $25 per point.

Jason

 

[friends with mickey]

Charles and Jason, thank you both for your response. There is validity in your views and I respect that. One point about the worth of 2043 points is important. To those whose contract expires in 2042, the points will be worth nothing since they will no longer have any points.The extended contracts will have points for the following 15 years. The wonderful thing about DVC is that all 400,000 plus members can all enjoy it and perceive value in their own way. Knowing that our family has it through 2057 was important to us and we are glad we have it. Plus if that ever changes, I am sure Jason will help us sell.

 

[KPOP]

Thanks everyone!
More of a point of me being curious, than actually going to do it.

I think that if I were to seriously consider it - I would also need to look to see what I could purchase on the resale market for the same price.

 

[Deb & Bill]

I'll be 92 in 2042. I won't be needing the extra 15 years then. And I won't want to saddle my son with the greatly inflated dues at that time.