Budget-Friendly Road Trip Tips for Summer Travel
Summertime brings warm weather, concerts in the park, and the thrill of planning budget-friendly road trips. However, drivers expect to travel approximately 500 miles this summer. According to a recent survey by Experian, motorists anticipate spending significant amounts on their journeys. In fact, 20% of drivers are preparing to spend between $1000 and $1,499, despite their average budget being only $1,007.
“Consumers may not have much control over some of the costs of their vacation, but there are many ways to prepare in advance to save more.” says Rod Griffin, Senior Director of Consumer Education and Advocacy for Experian. He advises creating a budget before finalizing vacation plans and researching costs for accommodations, activities, and experiences.
Maximize Savings on Your Road Trip
Moreover, leverage credit cards wisely to earn reward points and discounts to utilize during your travels. Exploring the best credit cards specifically designed for gas and electric vehicle charging rewards can offer valuable benefits.
Journey Length: How Far Will You Go?
Interestingly, only about one in nine road-trippers plan to drive more than 1,000 miles; the average planned road trip is around 512 miles, ample distance for gas-powered cars to refuel at least once. Many electric vehicles get approximately 250 miles on one charge, according to the UC Davis Plug-In Hybrid and Electric Vehicle Research Center.
Some electric vehicles may vary in range, with certain models exceeding 350 miles. Conversely, many hybrid cars can travel over 500 miles on a full tank, based on findings from Car and Driver’s fuel-economy tests.
Top Road Trip Expenses
Unsurprisingly, gas (76%) and lodging (61%) rank as the most significant expenses for drivers on their road trips. Additionally, 47% of respondents earmarked food as a notable cost this summer. In June 2024, the national average price of regular unleaded gasoline fell to $3.47 per gallon, after reaching nearly $3.70 earlier. Indications suggest lower average gas prices this summer due to the U.S. releasing some fuel reserves.
Preparing for Additional Costs
Other anticipated expenses during road trips include entertainment (18%), car maintenance (10%), and vehicle rental (6%). Understandably, 15% of survey participants expressed concerns about their insurance premiums, which have risen over 26% since 2023. These costs can weigh heavily on vacation budgets.
Therefore, consumers can consider sharing costs with friends or family, booking shared accommodations, and packing food to minimize dining expenses while on the road.
Evaluate Your Car Insurance
Car insurance rates are predicted to remain elevated until 2025, according to insights from Bankrate’s True Cost of Auto Insurance Report. Consequently, if you anticipate exceeding your budget during road trips, it might be prudent to compare car insurance quotes from leading auto insurance providers.
Conclusion
In summary, planning a road trip can be both exciting and manageable when considering expenses. Budgeting for gas, lodging, and food is essential, alongside leveraging credit benefits wisely. Make sure to evaluate your car insurance options to ensure peace of mind while enjoying your adventure.
