Tips: Book Early or Pay

1 05 2013

I am obsessed and it’s a good thing.  Some guys spend all their time online looking at porn, I spend all my time searching for flights.  I don’t believe it’s unhealthy to try and save money, but I do spend an exceptional amount of time on booking sites searching and looking at prices.  This is especially true when I am in the throws of booking my next big trip.  I see it as a challenge to try and outsmart the airlines and catch them when their fares dip.  It’s a fact of air travel that we all must deal with, prices fluctuate frequently.

There are a lot of tools out there to help you catch tickets in that narrow window when prices drop.  Take a look at Kayak.  It’s a great app that allows you to set up price alerts.  So when the fare starts to drop, you will be in the know.  Of course that means you have to be ready to buy at any given moment.  Having a little vacation savings account stocked and ready to go will help those, like myself, who are on a budget.  So try and start saving money ahead, I don’t even begin looking until I have a nice kitty of cash ready to spend.

The one common thread I have seen consistently is that booking early will often save you money.  Sure there are last minute deals, but are they to the place you actually wanted to visit?  Sometimes, but it’s a real gamble to wait until these deals publish.  I find that booking 7-5 months early has proven to be the best overall pricing.

For example, when I was searching for my upcoming trip to Iceland this September, I booked my complete itinerary on March 10th for $1021.  This price includes round-trip flights from Denver to Reykjavik on Icelandair and 5 nights in a studio with Apartment K.  Six months early seems extreme to many, but doing the exact same search on Expedia today (2 months closer to the trip) yields a price of $1732 for the same accommodations.

The same trip for I booked on March 10th is now $700 more for the same dates!

Ouch!  Now maybe I don’t have to stay at the same place.  If I repeat the search and just choose the lowest priced package near city center (not including hostels or rooms with shared bathrooms) I can book for $1252.  Still more than $200 over what I paid by searching often and booking early.

Are there destinations where it pays off to wait a little bit?  Sure, but it’s definitely not the norm.  Here’s and example from my recent trip to Puerto Vallarta.  I paid $587 for flights and 5 nights hotel that I bought in mid November for mid January travel.  When I started researching this trip I was seeing it fluctuate around $700-750 for a solid two months, but knowing I booked the same hotel in Puerto Vallarta the year before for $615, I knew it could/should get lower.  It dropped around 3 months out and I booked it immediately.

What I want you to see here is a common theme, constant price checking until you feel you’re getting the best deal.

Here’s a short summary-

  • Have the money ready so you can pull the trigger when prices drop
  • Start searching early
  • Be aware the best deal might be a hostel or shared facilities (not my thing, but book what’s right for you)
  • Check other booking sites and compare
  • Consider packages based on the reported discount for booking flight and hotel together.
  • Booking a flight and hotel separate can also be a good thing.  Try using AirBnB (I’ll expand on them in another post)

Be patient.  If you loose a couple dollars waiting for prices to go down, I’ll bet you still get a better deal than if you booked less than 2-3 months out.

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