Fly or Drive? Planning Your Summer Vacation
In the midst of summer, the itch to travel sets in. Whether you’re considering a family getaway or a solo trip, the big question looms: Should you fly or drive?
This question becomes more pertinent this year with elevated airfares, hefty rental car costs, and fluctuating gas prices. While we’re a financial planning firm in Greenwood Village, CO, we understand that the decision to fly or drive isn’t all about the money; factors such as time, comfort, and convenience also play a significant role. Let’s dive into it.
Financial Factors
To make a sound decision, first, we need to crunch the numbers. Let’s start with gas prices. According to AAA, the national average as of this writing is $3.54, down from $5 last year. You can look at gas prices across your route using the AAA website, which will estimate your fuel costs by state, including our home state of Colorado.
Next, we need to consider the cost of airfare. Flight prices remain elevated compared with pre-pandemic costs, so airplanes can be a potentially pricy option. However, air travel becomes more affordable when traveling long distances or when factoring in the cost of time.
If you decide to drive but you’re planning to rent a car, remember that rental-car costs are up a jaw-dropping 47.9% compared to pre-pandemic prices. They’ve dropped since last year’s high, but you’ll still want to include these costs in your calculations.
Travel app Kayak has a summer trip calculator that can help give you a picture of your travel costs by land and air. By entering your starting point, destination, and other factors, you’ll get a comparison of driving versus flying based on current fuel costs, flight prices, and rental car pricing.
You’ll generally find that it makes “cents” to drive short distances and fly longer distances.
Remember to determine the per-person price. A solo traveler or a couple might find flying more affordable. But driving could be more economical for a family with kids once you multiply the flight cost by the number of family members.
Qualitative Factors
While finances are a big part of the decision, they’re not the only factor to consider. Time is a valuable resource, and the quicker travel time via airplane might be worth the extra cost.
Air travel also comes with conveniences such as in-flight services. Plus, you’re free to do other things since the pilot will be doing the “driving” for you.
However, traveling by car allows you to go at your own pace and the freedom to change your plans on the fly. You might prefer the scenic route to your destination, making the journey as much a part of your vacation as the destination itself.
Plus, you avoid the potential stresses of airport travel, such as canceled flights, delays, and missed connections.
Conclusion
The decision to fly or drive for your summer vacation depends on careful consideration of both financial and qualitative factors. We recommend using online tools like trip calculators to understand your potential expenses. However, qualitative elements like time, convenience, and flexibility also factor in.
Whether you choose to cruise down the open road or soar through the friendly skies, proper financial planning can ensure your vacation is enjoyable and doesn’t break the bank. After all, it’s your vacation—it should be about relaxation and creating memories, not worrying about costs. Safe travels!
This material was generated using artificial intelligence (ChatGPT) and edited by Kaleido Inc. from information derived from sources believed to be accurate. This information should not be construed as investment, tax, or legal advice.
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