Here's an answer without using symbols.
The difference is precisely that between location and displacement.
- Points are locations in space.
- Vectors are displacements in space.
An analogy with time works well.
- Times, (also called instants or datetimes) are locations in time.
- Durations are displacements in time.
So, in time,
- 4:00 p.m., noon, midnight, 12:20, 23:11, etc. are times
- +3 hours, -2.5 hours, +17 seconds, etc., are durations
Notice how durations can be positive or negative; this gives them "direction" in addition to their pure scalar value. Now the best way to mentally distinguish times and durations is by the operations they support
- Given a time, you can add a duration to get a new time (3:00 + 2 hours = 5:00)
- You can subtract two times to get a duration (7:00 - 1:00 = 6 hours)
- You can add two durations (3 hrs, 20 min + 6 hrs, 50 min = 10 hrs, 10 min)
But you cannot add two times (3:15 a.m. + noon = ???)
Let's carry the analogy over to now talk about space:
- $(3,5)$, $(-2.25,7)$, $(0,-1)$, etc. are points
- $\langle 4,-5 \rangle$ is a vector, meaning 4 units east then 5 south, assuming north is up (sorry residents of southern hemisphere)
Now we have exactly the same analogous operations in space as we did with time:
- You can add a point and a vector: Starting at $(4,5)$ and going $\langle -1,3 \rangle$ takes you to the point $(3,8)$
- You can subtract two points to get the displacement between them: $(10,10) - (3,1) = \langle 7,9 \rangle$, which is the displacement you would take from the second location to get to the first
- You can add two displacements to get a compound displacement: $\langle 1,3 \rangle + \langle -5,8 \rangle = \langle -4,11 \rangle$. That is, going 1 step north and 3 east, THEN going 5 south and 8 east is the same thing and just going 4 south and 11 east.
But you cannot add two points.
In more concrete terms: Moscow + $\langle\text{200 km north, 7000 km west}\rangle$ is another location (point) somewhere on earth. But Moscow + Los Angeles makes no sense.
To summarize, a location is where (or when) you are, and a displacement is how to get from one location to another. Displacements have both magnitude (how far to go) and a direction (which in time, a one-dimensional space, is simply positive or negative). In space, locations are points and displacements are vectors. In time, locations are (points in) time, a.k.a. instants and displacements are durations.
EDIT 1: In response to some of the comments, I should point out that 4:00 p.m. is NOT a displacement, but "+4 hours" and "-7 hours" are. Sure you can get to 4:00 p.m. (an instant) by adding the displacement "+16 hours" to the instant midnight. You can also get to 4:00 p.m. by adding the diplacement "-3 hours" to 7:00 p.m. The source of the confusion between locations and displacements is that people mentally work in coordinate systems relative to some origin (whether $(0,0)$ or "midnight" or similar) and both of these concepts are represented as coordinates. I guess that was the point of the question.
EDIT 2: I added some text to make clear that durations actually have direction; I had written both -2.5 hours and +3 hours earlier, but some might have missed that the negative encapsulated a direction, and felt that a duration is "only a scalar" when in fact the adding of a $+$ or $-$ really does give it direction.
EDIT 3: A summary in table form:
+--------------------+------------------------+-----------------------+
| Concept | SPACE | TIME |
+--------------------+------------------------+-----------------------+
| LOCATION | POINT | TIME |
| DISPLACEMENT | VECTOR | DURATION |
+--------------------+------------------------+-----------------------+
| Loc - Loc = Disp | Pt - Pt = Vec | Time - Time = Dur |
| | (3,5)-(10,2) = <-7,3> | 7:30 - 1:15 = 6hr15m |
+--------------------+------------------------+-----------------------+
| Loc + Disp = Loc | Pt + Vec = Pt | Time + Dur = Time |
| | (10,2)+<-7,3> = (3,5) | 3:15 + 2hr = 5:15 |
+--------------------+------------------------+-----------------------+
| Disp + Disp = Disp | Vec + Vec = Vec | Dur + Dur = Dur |
| | <8,-5>+<-7,3> = <1,-2> | 3hr + 5hr = 8hr |
+--------------------+------------------------+-----------------------+