DOT: Air fare hits lowest cost since 2010

- Low-cost carriers like Spirit Airlines and Allegiant Air have been expanding to new cities and putting pressure on the existing carriers to drop their prices in order to compete.

As the competition increases, folks hoping to travel in Chicago, Dallas and Philadelphia are seeing the biggest discounts.

Planning your getaway is another way to save some cash. 

The most expensive days to fly in the summer, according to CheapAir.com, are Sunday and Friday. Flying on a Tuesday or a Wednesday, however, will bring the lowest fares this summer- at times saving you almost $100.

Also, buying your tickets about four months to three weeks out of your departure date helps your chance of getting cheaper ticket prices.


If you're hoping to fly the skies we have some good news for you.

The average price of domestic airfare, according to the Department of Transportation, dropped to the lowest level since 2010 to $363 in the fourth quarter of 2015.

The 8.3 percent annual drop is due largely in part to the price of oil falling to as low as $33.98 a barrel in the last three months of 2015.  The other reason for the drop in price is competition. 

Another tip to consider for saving cash: Flying in August will save you an average of $42 compared to July, and the cheapest day to travel that month is on 31st.

As Tampa International put it best.....


 

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