We are now entering the peak weeks for travel: the end of June through early August.
And while inflation is finally starting to ease, summer travel prices are higher than ever in 2023.
Rachael Best and her family, stopping at a rest area in Northern Kentucky on a drive from Michigan, are making the "best" of things.
“It’s about $100 more a night than it used to be,” she said.
They are taking their new puppy on vacation with them, saving on dog boarding, but have cut back their annual trip because rental prices are higher this year.
“It’s about $1,000 more for the same place that we used to stay,” Best added.
She’s right. According to NerdWallet:
- Hotels are up 19% in 2023, compared to last year.
- Airfares are up 10% over last year's already inflated fares.
- Rental cars are 50% higher than pre-pandemic rates. Nerdwallet says rental cars have had the biggest jump in price since pre-pandemic times.
On piece of good news: gas prices, however, are down 25% over last year, which helps balance out other rising costs.
So when it comes to the cost of your summer vacation, a lot will depend on how you are getting there. If you are traveling by car, SUV or camper, you will pay about a dollar less per gallon on gasoline than one year ago.
Julie Luddington says she’s thrilled that her fill-ups are costing less than last year.
“I think it’s less expensive, definitely,” Luddington said.
Some things you can do
So how can you fight these high prices?
Expedia suggests waiting until mid-August, if you can, when prices for flights, homes and hotels start dropping.
“If you travel at the end of August for example, when things are slowing down, you are going to save an average of $125 for airfare compared to the same trip in July,” said Christie Hudson with Expedia.
If you can't wait, due to school schedules, the easiest way to cut costs is to shave one day off your vacation, saving hundreds of dollars in lodging and food costs.
Many Airbnb's and VRBO rentals these days will allow 6 days trips, as opposed to the standard 7 day rental.
And eat as many meals as possible inside your rental ($40 for a family) instead of out in restaurants ($75 to over $100 for dinner).
But Darryl Monaset says despite higher prices he’s not skipping a summer vacation.
“Is it going to be expensive? Yes, but it still, I’m enjoying myself, ” Monaset said.
Just cut back a little bit, so you don’t waste your money.
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