When looking for a cheap flight, we often focus on the airline and the traveling dates. That strategy can lower your total cost but those aren’t the only factors you should be considering when booking flights.
Book Your Flight on Tuesdays
We’ve analyzed data over the past few months looking at price fluctuations throughout the week. On average, airfares are cheapest when you book on Monday night or Tuesday. Every airline is different and pricing can be dependent on many factors such as the airline, time of year, and travel route, but on average the sales begin late Monday night and are matched by competitors on Tuesdays. The savings varies but can be as high as 15 to 20%. The worst days to book are on the weekends because most of the fares start to rise when booking on Thursdays and the airlines rarely reset pricing during the weekends.
How far in advance should I purchase my ticket?
The earlier you purchase, the cheaper the price of the ticket but that can also vary by airline among external factors such as fuel prices. However, don’t be alarmed and rush to purchase your tickets if you see the price of oil spike because it will take time for those costs to be reflected in ticket pricing. Most of the time, you’ll be able to get a low priced ticket two to three months in advance but you may have to book even further in advance for travel during the holiday season. The other option is waiting until the vary last minute when enough inventory remains for the airline to severely discount tickets. Also, remember that if you purchase far in advance, many airlines such as the low cost carriers (AirTran, Alaska, Southwest, & JetBlue) offer a refund if the price drops at any point prior to the flight.
What days of the week and times during the day are cheapest to travel?
It’s cheapest to fly on Tuesday, Wednesday and then again on Saturday but it can vary by airline and route. The cheapest times to travel are at the crack of dawn (best) or after dinner. The mid-morning and mid-afternoon flights are usually the most expensive.
What about the holidays?
The same rules for the cheapest day of the week to fly don’t necessarily apply during the holidays. For instance, on Tuesday, August 16th, 2011, we priced an American Airlines flight from New York to Los Angeles during Thanksgiving. The flight currently costs $595 when departing on Wednesday, November 23rd and returning on Sunday, November 27th. If we change the departure date to Tuesday, November 22nd, the fare falls 22% to $464. For holiday travel, we highly recommend spending time researching based on your specific itinerary. We found farecompare.com to be a helpful tool in forecasting price fluctuations and setting price alerts.
What about international travel?
It’s difficult to predict pricing for international flights because of the many variables involved. However, we looked at airfares from New York to London and noted that October is the cheapest time to fly during the fall/winter period. Fares go up a bit in November but really start to rise during December. In addition, make sure you book travel well in advance. On July 15th, a trip to London during October cost $645 on British Airways. Today, 1 month later, that same trip costs $895 or up 38%.
More Finance Questions? Browse Answers or Ask a Financial Expert Online
Related Articles
->Don’t Forget Your Refund When The Price of Your Airfare Drops
->Buying a Plane Ticket Might Be Tax-Free in 24 hours
->The Best Way To Pay For Purchases When Overseas
->Where Should I Invest For My Emergency Fund?
->Summer Travel Spending: Cutting the Costs
