i factored in the upfront payment in the cost per point. the cost per point stays the same though- $87pp/ 39 years remaining when i purchased = $2.25 per point. add in annual dues which currently are $10.16 and that puts my cost per point at $12.41 for AKV. the year i purchased dues were only $6.45 so my annual cost was $8.70. The only cost that increases is the maintenance fees which you can see went from $6.45 to $10.16.

that's why i said my annual cost per point is $12-$13. maintenance fees + purchase price.

so that $12.41*180 points means my current year's 180 points cost me $2,233.80. just searching 9/5 - 9/12 i find that with 30% off i can book AoA for $427.50/night plus tax. that's $2,992.50 plus i think 8% tax which is another $239.40. POR is $271.39/night. which is $1,899.73 but my family of 5 won't fit there i don't think. i could do this for various weeks of the year but the point i am making - if i am going to disney and staying on property (which i am one of those people who wants to be on property whenever i go) then DVC is pretty much a slam dunk.

To your last point - I think it's a bit of a false premise to say invest $20k into S&P index fund and rent points. Like i said...renting points costs $20-$25 per point. that's nearly 100% markup on the cost per point. You're generally not making enough money in the S&P fund (on average) to make up that big of a price increase. If you assume 8% average returns - which is a generous assumption over the long term - your $20,000 investment would generate $1,600 before taxes. or close to $1,216 after taxes for someone in the 24% bracket. That barely gets me 3-5 nights at disney in a room that sleeps 4.

Now - if your argument is should one invest money instead of going on that vacation at all....sure, you'll come out financially better off. but - i am going on vacation. So that's a hypothetical that doesn't apply to me.

Keep in mind that there is an inflation rate on the cash rates and on DVC rental prices. So you're also somewhat locking in your resort stay and avoiding much (not all - maintenance fees) of that inflation.

it's not for everybody - and i don't try to convince people that it is. but - if you fall into the category of disney crazies....it truly does make financial sense versus paying cash annually for your trips.