Have you ever heard of the Goldilocks Window? It is a term that was coined by Scott Keyes. Scott is the founder of Scott’s Cheap Flights now known as Going.com. He explained that the Goldilocks Window is the best time to book your flight to get the best deal and says that you shouldn’t book too early but also not too late. In this post, I will explain when the best time is to book flights, rental cars, and hotels, so you can save money when purchasing for your vacation.
Why is there a Goldilocks Window?
According to Going.com, the Goldilocks Window happens for two reasons. When airlines first release flights, the first group of people purchasing tickets are travelers that have set plans like an event or conference. This group that buys early will secure their spot and pay a little extra for their flight.
On the flip side, the travelers looking for last minute flights usually are business travelers. They will also book at a higher price point, so airlines will raise the flight prices closer to the departure date.
This creates a window of time, the Goldilocks window, where the airlines drop their prices to encourage more flexible travelers to purchase a ticket.
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When Is the Best Time to Book a Flight?
The window of opportunity for the best prices on flights tend to be 1 to 3 months in advance for domestic flights and 2-8 months for international flights. Keep in mind that when booking flights for peak seasons you should adjust the window slightly. During Christmas or the summer, for example, you should search for cheaper flights between 3-7 months for domestic and 4-10 months for international flights.
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How to Use This Information to Purchase the Cheapest Flight?
I can hear the frustration from the folks that want the window to be smaller. I would like that too! But there is unfortunately not a magic day. I understand that having a window of 4-6 months is a long time. It feels like it isn’t really narrowing it down, but it does help in the planning process. Here’s how to use this information.
Step 1 – Plan Your Trip in Advance
First, you will have to plan your vacations in advance to take advantage of this window. If you are a last minute planner, that’s fine. Prices just might be a little higher for you. If you are looking to save some money though, start planning about 6 months ahead of time if not more.
Step 2 – Set up Price Alerts
Now that you know where you are going, the next step is to set up price alerts at the beginning of the Goldilocks window. Just because the window starts 10 months in advance for Christmas season travel, doesn’t mean the best price will be on February 23rd.
I would advise you to go to your favorite flight search engine and set up a price alert for the destination and dates you want to travel. Many of them do it including Google Flights, Skyscanner, and Kiwi (my favorite!). This means that you will get emails when the price of your flight goes down! Easy.
Step 3 – Do Your Research To Know When to Buy
When you get a price that looks great, that’s when you buy. BUT how do you know it is a good price? Do a Google search and find out. Knowing what the average price is for your destination is key to buying your ticket at the right price.
For example, I did a search for the average price of a plane ticket from Amsterdam to London. It said it is $108. So if my price alerts find a flight for less than that, I will buy it! If you don’t know that $108 is the average price, you could still overpay.
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When is the Best Time to Book a Rental Car?
The window for the best time to book a rental car is different from a flight. Experts recommend reserving a rental car 3 to 6 months in advance or a week before your trip!
How to Use This Information to Get the Cheapest Rental Car Rate?
What I would recommend is to search for the best rental car rate using Skyscanner at the beginning of the window. I am not an affiliate for Skyscanner, just love it for rental cars! I have found that they give me the best options.
Next, book a rental car with a cancellation policy that will allow you to cancel up until right before your trip. This way you have your car reserved and won’t miss out if cars sell out. However, if you find a better deal, you are able to book the car with a lower rate and cancel the old reservation. This saves you money!
I would recommend checking the prices for rental cars weekly between the window of 3-6 months prior to your trip and then daily the last week before your trip.
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When is the Best Time to Book a Hotel?
According to the research, to save money on a hotel, the best time to book is within 15 days of travel. If you want to save even more, the closer to your arrival the cheaper it is.
This is one piece of advice that I usually do not follow. When I was younger, waiting to book a hotel would be fine, but now with children and my tendencies to lean towards booking higher quality hotels and Airbnbs, I don’t like to wait. There also seem to be fewer accommodations that are set up well for our family of four here in Europe. I ultimately have decided to spend more on hotels so I can be sure I get what I want. It is one area of travel that I don’t mind splurging on for a little peace of mind.
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