When to book air travel...

A question that keeps coming up: is it better to book far in advance or wait?

A very good question, and the answer is simply: "it depends".

Airlines have their yield management methodology that varies widely. Then when you take into account the destination, seasonality, how far in advance and other factors, the answer will carry many "ifs" and "buts".

So here are some tips:

1) Booking too far in advance may not get the lowest rates as airlines are not compelled to discount deeply 4-8 months prior.

2) Many airlines perform their yield management continuously and cheaper fares are sometimes posted briefly Tuesdays and Wednesdays.

3) Cheaper seats are added or deleted based on anticipated demand that may or may not materialize.

4) Certain destinations have a high percentage of no-shows or cancellations, allowing airlines to manipulate fares and number of seats sold. Miscalculations are costly when more "confirmed" passengers show up and not enough seats available.

5) Waiting till the last minute/day will never result in better fares.