This Simple Formula Will Tell You If You’re Getting Ripped Off When Buying Your Next Flight
While air travel prices have dropped in the past year due to low gas prices, it’s still hard to know if you’re really getting a good deal when you purchase that plane ticket.
When I book my ski trip each year, I never know if I should wait for prices to drop or pull the trigger and purchase at the current price. It’s downright stressful as I don’t want to spend more than I need to and leave money on the table.
Luckily, Luiz Maykot, a data science analyst who works at Adobe, came up with a simple formula to figure out if you’re getting a good price for the ticket.
It’s pretty easy. All you need to do is multiply the total round trip miles by $0.032 and then add $230. As an example, a flight between New York and L.A. is a total of 5,640 miles. Plugging that into the formula (.032 x 5,640 + 230) gives you a price of $410.48. Anything below that would be considered a good deal.
For international flights, multiply the total miles by $0.08 and add $200.
Maykot explains how the formula works:
I calculated the average price paid by everyone in the data sample, based on how many days in advance they purchased their tickets (up to 300 days in advance). Then, I divided the average price for each day by the overall average price and did this across thousands and thousands of flights. I was left with a weighted average of the final curve.
For more details on how the formula works and a calculator to enter in your trip, check out the MarketPlace website.
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