It all depends on the price of the tickets at the time. My last trip (GRV-->TOL-->DER KAL-->ABQ ABQ-->GRV) was 90K points or $4600. That comes out to $.05+ per point. Buying points would be a great deal as compared to paying cash. That's $3300 in cost w/o any bonus. Given that I and my wife could purchase 15K each in December and another 15K in January, we could go the following year after buying another 15K each.
Have you ever spent or seriously entertained spending $4,600 in cash on Amtrak tickets before? If not, how can you claim your points are worth an amount you would never actually spend? If Amtrak raises the cost further is there a level at which you'd admit the price was beyond relevance for factoring the practical value of points? I'm find the concept of valuing points at a price beyond actual consideration to be rather confusing and pointless.
Yes, I considered it. However, had I paid cash,
I would likely go off-season and not when we wanted to go.
I would have likely had to change my whole itinerary to take into account days when the cost would have been less.
I would have had to risk canceling and losing some of my money in case plans had to change.
I would not have had the flexibility to possibly change part of our trip if we decided to try and stay a few more days.
I would likely have taken a couple of roomettes instead of a BR if it were cheaper.
But, yes, I would likely gone during the same time period, spent the money, then checked every day to see if we could get a better deal if the prices went down or the next day's train was cheaper. But I would have gone. We hate flying. We enjoy train travel. She wanted the BRs instead of roomettes. We considered the train trip to be as much of the vacation as the trip itself. We even stopped in Kalamazoo overnight at a B&B "wasting" a day and $200 just to make it easier on my uncle who was hosting us in the Dearborn area and just "for the hell of it".
We plan one big trip a year. Last year we used points twice for long trips but would have gone anyway. This year, we are looking at a second vacation only because the money we allocated for the first one was used in points.