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FareCompare and 20/20 Unite. Let's bust some myths.

MyTrips - Your Free Airfare E-Mail Alert System

Hi. I'm Rick Seaney, CEO and a founder of FareCompare.com.
Producers for ABC's "2020" program asked me to help them out with an air travel quiz, so they could debunk some common myths.

I admit it: I'm an air travel "geek".

I love sifting through flight schedule and airfare information, but then, it's easy for me: you see, we own one of the world's largest databases of historical and current airfare and flight information. Our next generation travel website FareCompare.com was specifically created to boil down this vast data to help you, the air traveler. Let us help you bust everyday airfare "myths" so you can find the cheapest airfare - every time you buy.

Q1. True or false: Coach class fares are always cheaper than first class.

Quiz Results: 61% - False, 39% - True

Answer: FALSE One of the airlines' best kept secrets is discounted First Class airfare. These airfares are called "Y-Ups" in airline jargon; they have an 8-letter code that appears similar to a Coach code, but these seats are booked in First Class.

I have seen "Y-Up" fares for as low as $280 roundtrip.

At Farecompare, we track over 100,000 of these airfares (U.S. travel only); try our Y-Up tool which makes it easy to both find and book these discounted first class tickets.

Q2. True or false: Waiting for last-minute deals is a good idea.

Quiz Results: 72% - False, 28% - True

Answer: FALSE These days, planes are packed, so the airlines no longer have to "give away" seats at the last minute.

Sure, you might find a last-minute bargain if you are so flexible that you can drop everything at a moment's notice, and travel at odd hours on odd days to odd places. But such flights, for the most part, simply don't exist anymore, and waiting 'til the last minute in this market means you'll pay "business traveler" rates (generally 4- to 6- times higher than "advance purchase" Coach fares--you might as well get a "Y-UP" - see above).

Q3. True or false: You don't have to book a year in advance to get the best deals.

Quiz Results: 11% - False, 89% - True

Answer: TRUE The right time to start looking for air travel is about 4-months before departure; this is the period when the airlines are most active in managing their airfares (and a time when competition really heats up).

If you shop earlier than that, the legacy carriers will charge you a mid-tier price, meaning, you'll over-pay. And most low cost carriers only allow you to purchase 4- to 5-months in advance.

Q4. True or false: The best time to buy tickets is at midnight, when prices are lower.

Quiz Results: 64% - False, 36% - True

Answer: FALSE The best time to buy your airline ticket is when it is cheapest. Pretty simple, right?

I only wish it was. You see, the exact "start" of an airfare sale is relatively random; it can occur at anytime on any day.

Here's something else to consider: we know that 100% of all travelers want the cheapest airfare; but, the reality is, only about 10% of them are going to get those cheapest tickets (otherwise, the airlines would be out of business in a week).

The trick is to be in that lucky 10%. But, at FareCompare, you don't need luck. With our Email Alerts, we find the cheapest airfare for you. And we have the tools and historical data to back that up.

Q5. True or false: Low-cost airlines always have the lowest prices.

Quiz Results: 94% - False, 6% - True

Answer: FALSE Low cost carriers do tend to drive the cheapest price point in a city-pair, but, they do not always have the cheapest prices on a given trip.

Legacy airlines don't have any choice; they generally have to match the low cost airlines. So, depending on the day and time-of-day you want to travel, it may actually be cheaper to fly on a legacy airline. How to make sure? Always shop both before you buy.

It should be noted that, legacy airlines have been known to throw some "jabs" at low cost airlines from time to time in the form of unusual bargains, so take advantage of those by signing up for FareCompare's Email Alerts.

Q6. True or false: You can save money by flying on weekends.

Quiz Results: 68% - False, 32% - True

Answer: TRUE Saturday is one of the 3-cheapest days to fly (Tuesday and Wednesday are the others), and is by far the least busy. Airlines drastically cut back their flight schedules for Saturday travel and put out special airfare out that is only good Tue/Wed/Sat to promote Saturday travel.

Sunday is more expensive, of course; leisure travelers are heading home from trips. So, don't follow the crowds or you'll follow the increase in airline ticket prices. This is supply and demand, at its best.

Q7. True or false: You can save money with a Saturday night stayover during your trip.

Quiz Results: 24% - False, 76% - True

Answer: FALSE Here's a "myth" that's slow to die. It used to be, that the legacy airlines used a "Saturday overnight" as a way to separate "business" and "leisure" travelers.

This is no longer the case, mainly because the low cost airlines tend to have simpler one-way price structures for all flights, and these are now generally matched by the legacy airlines.

I've been following airfares for years now, and in the past couple of years I've only seen a handful with "Saturday overnight" requirements.

Q8. True or false: Using frequent-flier miles for your dream vacation is a bad idea.

Quiz Results: 74% - False, 26% - True

Answer: TRUE - sort of It's not exactly a "bad" idea; the problem is 10,000 other folks have the same idea! So you're likely to be frustrated, disappointed and waste a ton of time because you and everyone else are vying for identical dreams (Christmas in Hawaii?). And only a few will see those dreams come true.

Another problem: airlines are ratcheting down their loyalty programs, upping requirements for "free" trips, and, even dumping you if you don't have enough "activity" on your account.

And these days, airplanes are packed with "paying" passengers; there are few empty seats to give away to Frequent Flier customers. You might want to think of getting your dream vacation with Frequent Flier miles as something akin to winning the lottery: chances are, it's not going to happen. You're much better off using your miles for a last minute emergency trip you have to take - one that might cost $1200 simply because it's "last minute"---but with Frequent Flier miles, it might not cost you a dime.

Q9. True or false: Non-stop tickets are more expensive than those with connecting flights.

Quiz Results: 58% - False, 42% - True

Answer: FALSE Airlines match prices. No airline wants to be a dollar more or less than any of the others, because they know buyers will almost always go to the airline charging even one-dollar less.

Also, airlines are very protective of their market share of non-stops, so they don't want a "connecting" airline infringing on that. However, airlines will charge a premium for non-stop flights during certain times, when everyone wants to fly (Monday mornings, Fridays and Sundays).

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