Phil's Personal Finance Tip of the Day:
When Is the Optimal Time to Book a Flight?
By Kathy Kristof | CBS MoneyWatch – Tue, Jan 22, 2013
Bargain-conscious travelers have been trying to answer the question for years and are still stymied: How far in advance do you have to book to get the best airfare?
According to new research by CheapAir.com based on the travel site's review of 560 million airfares, the optimal time to book a domestic flight is 49 days in advance. If you're flying overseas, you should book almost three months -- 81 days, to be precise -- before you travel.
Too much planning for you? Don't worry. While the average domestic flight was the cheapest 49 days out, it didn't start to rise dramatically in price until about two weeks before the departure date. But if you wait until the day or two before you want to travel, get ready for some serious pocketbook pain. Domestic flights that would normally cost less than $400 jump to about $625.
Notably, it's also bad for your pocketbook to book too far in advance, according to CheapAir. People who booked 210 days before the flight ended up paying an average of $475 for a domestic ticket. There are exceptions and caveats, however. If you're booking for a high-traffic time, like Thanksgiving, it can make sense to book well in advance. The optimal time to buy a flight for Thanksgiving weekend in 2012, for instance, was 96 days in advance.
To read the entire article from Kathy Kristof | CBS MoneyWatch:
According to new research by CheapAir.com based on the travel site's review of 560 million airfares, the optimal time to book a domestic flight is 49 days in advance. If you're flying overseas, you should book almost three months -- 81 days, to be precise -- before you travel.
Too much planning for you? Don't worry. While the average domestic flight was the cheapest 49 days out, it didn't start to rise dramatically in price until about two weeks before the departure date. But if you wait until the day or two before you want to travel, get ready for some serious pocketbook pain. Domestic flights that would normally cost less than $400 jump to about $625.
Notably, it's also bad for your pocketbook to book too far in advance, according to CheapAir. People who booked 210 days before the flight ended up paying an average of $475 for a domestic ticket. There are exceptions and caveats, however. If you're booking for a high-traffic time, like Thanksgiving, it can make sense to book well in advance. The optimal time to buy a flight for Thanksgiving weekend in 2012, for instance, was 96 days in advance.
To read the entire article from Kathy Kristof | CBS MoneyWatch:
I'd rather regret the things that I have done than the things that I have not done. - Lucille Ball
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