Book Now or Wait if Flight Prices Drop? The Definitive Answer

It's an age-old question in booking flights: “Should I book my flights now, or should I wait to see if the price drops?” Good news: You don't really have to worry about that anymore. 
The question has tormented every flyer since airfare was deregulated in the 1970s – and it's the one we get the most. Flight prices are constantly fluctuating, so it's hard to know when your flight will be cheapest. Nothing stings more than paying too much for a flight. 
With how the modern airfare environment has changed in the last few years, we now have a precise answer to this question.  If the question is, “Should I book now, or later?” our answer is definitively “Now.” But you'll want to make sure to get the right fare.  
Here's why. 
 
The Best Time to Book is Out the Window
We've said it before, but it bears repeating: The best time to book flights is when you find a cheap flight.
Flight prices are constantly changing and the best deals never last for long. We always advise travelers to start looking for flights early, and once you find a low fare, book it. If the price drops on a flight you've been tracking, book it. But these days, even if the fare is higher than you'd like, you'd be wise to book it now. 
On most U.S. airlines these days – even ultra-low-cost carriers like Spirit and Frontier – you can change or cancel your flight for free so long as you book a main cabin fare or higher – not the cheapest basic economy ticket. You don't have to worry about pulling the trigger too soon: If the price drops, you can rebook the exact same flights at the lower fare – and pocket the difference! You won't get your money back, but you'll get some extra money in the form of a travel credit or voucher for the difference you can put towards a future trip. 
It's probably the best thing to happen to travel coming out of the pandemic, and it effectively eliminates worrying about the best time to book. 
So book your flights now. By locking in your flights at the price they're at now, you're guaranteeing that you'll never pay more…while still leaving the door open to save if flights get cheaper later on. 
 
Book Main Cabin Economy (or Higher)
Our “book now” thesis hinges on one thing: the type of fare you book from the get-go. 
Almost every major airline now sells basic economy fares – the lowest, no-frills fares you'll see when searching for flights that come with fewer perks or benefits than other economy fares. No free seat selection can be reason enough to avoid these stingy fares. Some like United basic economy  and  JetBlue basic economy  take it even further by not even allowing a carry-on bag onboard.
On their face, basic economy appears cheaper than a main cabin fare. But, you'll typically have to pay a fee to change your flight – or forfeit the entire fare if you need to cancel. 
 

 
Meanwhile, a main cabin ticket can be changed for free – or you can cancel it altogether for a credit or a voucher for the full price of your original fare. Basic economy and main cabin economy fares are almost always tied together , so when flight prices are low for basic economy, main cabin prices will similarly be low. 
Especially if it's a trip you need to take maybe for a wedding, big music festival, golf tournament, or other event, just go ahead and book it. Unless you think you'll never be able to put a flight credit from the airline to use, there's no downside to securing your flight as soon as you can.  
But how do you know when the price goes down? I'm so glad you asked. 
 
Track Flight Prices 
The first thing I do after booking a flight is head back to Google Flights . From there, I find the exact flight I booked and set a Google Flights price alert for it. Then, whenever the price changes, I get an email notification letting me know. 
 

 
Should the flights get more expensive, phew! I've already secured a cheaper rate. But if that flight price drops, it's your opportunity to save some money by rebooking at the lower fare. 
In addition to tracking the flight I already booked, I'll also set price alerts for other flights on those dates – and for the few days before and after, too. When it comes to finding cheap airfare, sometimes adjusting your flight time by a day or two or even just a few hours can save you hundreds of dollars. Plus, you could end up finding a better flight time or a more convenient route than before!
Here's an example of a price alert that saved me hundreds of dollars on Alaska flights I'd booked for me and my wife this summer. Shortly after booking our flights to Anchorage (ANC) for more than $350 each, prices fell to just $210 each way. I rebooked our Delta flights and now we each have $140 in Delta eCredits for our next trip. 
 

 
Set 'em and forget 'em! Google Flights price alerts are a no-brainer step that could potentially save you hundreds in the long run. 
Of course, you can also use a flight deal alert service like Thrifty Traveler Premium to do this for you. We search every day for airfare to and from more than 200 U.S. and Canadian airports. When flights get cheap, we'll send you an email letting you know. 

 
Rebook at the Best Price
Once you see that flight price drop, it's time to re-book. There are two ways to do this. Here's a full step-by-step guide .
The easiest way to do this is with airlines like American, Southwest, and Delta, who offer the option to “change” your flight to the exact same itinerary and get a credit for the price difference. This is incredibly simple if you booked a main cabin fare, and can be done seamlessly through the airlines' apps and on their websites in almost every scenario. 
 

 
Read our full walkthrough on how to get a Delta eCredit if your flight price drops!  
It's not as simple with other airlines, but it's still not a terrible slog. For other carriers, you'll have to cancel your old fare for a voucher and then rebook using that voucher for the lower rate. 
Either way, you have a travel credit or voucher in your account for the difference between the flight you booked initially and the much lower rate! 
 
For the Most Flexibility, Book with Points & Miles
I can do you one better than booking flexible main cabin tickets, too: Booking with your points and miles . 
When I look to book trips, I almost always use points and miles to book my flight at first, if I can. These bookings are really the best travel insurance policy you can have. That's because award flights can easily be canceled (or changed) and your points and miles refunded back to your account – typically for just a small fee. Often, you'll get refunded any taxes and fees you paid, too. 
Once you have flights booked with points, keep scouring for a cheap cash flight. If you find one that works, book it – and then cancel your award flight. This method requires little upfront cost while still ensuring that you can take your trip when you want to if no better deals pop up. 
 
Yours truly!
 
When I book flights with points and miles, I often look to upgrade my seat and perhaps treat myself to business class if I can find the award space to do so. I did it last summer for a trip to Croatia and this winter to fly to Japan by booking a cheap economy flight deal using points and miles, then monitoring opportunities to upgrade to a better seat. 
 
Bottom Line
Gone are the days of asking the most annoying question in travel: “Should I book my flights now, or should I wait to see if the price drops?”
Thanks to the demise of change fees on main cabin tickets or better, you don't have to worry about flights getting cheaper after you book because there's still a way to book those lower fares and save. The answer to the question is: “book now, don't wait.”