This is a common question for many travelers when planning trips and buying tickets for events. There are pros and cons to buying tickets early versus waiting until the last minute. Here is a comprehensive look at the factors to consider when deciding when to purchase tickets.
Buy Early
There are some key advantages to buying tickets well in advance of your trip or event date:
- Cheaper prices – This is one of the biggest incentives to book early. For most travel and events, tickets tend to be cheaper when you buy further in advance. Airlines, hotels, and venues often run sales on tickets when they first go on sale to incentivize early booking. The longer you wait, the more likely prices will increase.
- Better availability – Booking early gives you your pick of flight times, hotel rooms, and seats for an event. As the travel dates or event approaches, availability becomes more limited which can mean accepting whatever leftovers are there or even finding dates/rooms completely booked up.
- Peace of mind – There is something reassuring about having your tickets purchased and plans locked in. You can relax knowing everything is ready to go instead of constantly monitoring prices and availability as departure gets closer.
- Qualify for upgrades/perks – Many airline and hotel loyalty programs will upgrade elite status members at time of booking. Booking early increases your chances of scoring coveted upgrades using status or companion certificates.
Reasons to Book at Last Minute
Despite the perks of early booking below are some solid reasons you may want to wait on purchasing tickets:
- Score deals – While not guaranteed, airlines and hotels do often drop prices close to departure in order to fill empty seats and rooms. Tourist destinations also offer great deals and incentives during their low seasons. You may luck out and find a rock bottom rate by holding out.
- Determine if trip/event is happening – Life happens. Sometimes trips get cancelled or rescheduled. You might think you can attend a concert months out but then can’t make it when the date gets closer. By waiting, you avoid the hassle of cancellations and changes.
- Fixed plans – A late ticket buy means your travel plans or event details are finalized. Early on, the chance of shifting dates and logistics is high. With a late purchase, you know without a doubt your itinerary and commitments.
- Use a travel deal – Many third party sites like Priceline Bid-N-Buy offer deeply discounted last minute travel packages. You cannot take advantage of these types of fire sales early.
When to Book Flights
Airline tickets tend to follow some general best practices in terms of ideal advance purchase time. Here are some standards many travelers follow:
- Domestic flights – 2-3 months in advance for peak season like holidays; 1-2 months for off-peak
- International flights – 4-6 months out
- Using miles – 10-11 months in advance
Of course, fare sales do happen sporadically so it pays to monitor airfare no matter when you plan to buy. Being flexible on dates and airport combinations can also result in savings when booking air travel.
Average Ticket Prices Based on Days Prior to Departure
Days Prior to Departure | Average Ticket Price |
---|---|
300+ days | $312 |
200-299 days | $352 |
100-199 days | $391 |
50-99 days | $412 |
30-49 days | $438 |
15-29 days | $472 |
Under 15 days | $497 |
As the table illustrates, average prices gradually increase the closer you get to departure date with the steepest hike coming in the last two weeks. While not guaranteed, booking 5-6 months out seems to provide the best combo of lower fares and flight options.
When to Book Hotels
Much like flights, hotel rooms tend to rise in price the closer you book to your stay. Here are some timeframes to aim for when reserving hotel rooms:
- Major cities – At least 6 months ahead
- Beach destinations – 4-5 months in advance
- National Parks – 2-3 months ahead
- Off the beaten path locales – 1-2 months is often sufficient
If visiting major destinations like New York, San Francisco, London etc during peak times then a year in advance can be warranted to ensure availability. For smaller towns and obscure places, a month out can still net you good deals.
Average Hotel Prices Based on Days Prior to Arrival
Days Prior to Arrival | Average Room Rate Per Night |
---|---|
350+ days | $115 |
300-349 days | $121 |
250-299 days | $127 |
200-249 days | $134 |
150-199 days | $142 |
100-149 days | $151 |
50-99 days | $163 |
30-49 days | $178 |
15-29 days | $206 |
0-14 days | $243 |
Booking 9-11 months in advance lands you the best rates on average. The last minute spikes are especially pronounced making it risky to wait until the final weeks to book.
When to Book Rental Cars
Rental cars do not necessarily follow the “book early” rule. Here is a quick guide on the best times to book based on trip type:
- Airport rentals – Book 1 week in advance for best selection and prices
- Weekend getaways – 2 weeks out
- Longer trips – Book 1 month out
Unlike airfare and hotels, rental cars do not necessarily rise in price closer to the rental date (although demand specific weekends can be an exception). Airport locations in particular have plenty of inventory so booking early does not usually lead to significant savings.
Average Rental Car Prices Based on Days Prior to Pickup
Days Prior to Pickup | Average Daily Rate |
---|---|
100+ days | $52 |
60-99 days | $49 |
45-59 days | $47 |
30-44 days | $45 |
15-29 days | $43 |
1-14 days | $44 |
Day of rental | $46 |
As you can see, prices actually dip down slightly in the 2 week advance purchase window. Booking months ahead does not guarantee any savings on rental cars.
When to Book Events and Entertainment
For concerts, festivals, sporting events and seasonal attractions your best bet is buying tickets as soon as they go on sale to the general public. This avoids the following risks:
- Sell outs – Popular acts and events will sell out quickly. Waiting means you miss out.
- Price increases – Like travel, ticket prices tend to gradually creep up over time.
- Resale markups – If the event sells out you are forced to buy overpriced resale tickets.
Seasonal attractions like amusement parks, museums and zoos often offer discounts and specials during their off-peak times. Booking these closer to your visit may score you a deal.
Booking well in advance also gives you the opportunity to resell your tickets if plans fall through. Tickets tend to retain more value closer to the event date.
Conclusion
While not universally true, the old saying “the early bird gets the worm” often applies to travel and event bookings. Airlines, hotels, and popular events consistently reward booking early with lower prices, better inventory, and peace of mind. Rental cars tend to be the exception where last minute deals are common.
Flexibility with dates and locations will aid you in scoring deals in all categories no matter the advance purchase time. Setting price drop alerts and monitoring rates even after booking is wise to capitalize on rate drops or exclusive promos.
At the end of the day, it comes down to your personal preferences and trip details. If your plans are set and you crave the comfort of having tickets in hand, booking early brings advantages. For more loosely structured trips, the late booking play can pay off nicely.