I'm likely (70%) flying to Seoul in July for an event (arrive 15 july, leave 23 july) and I'm not sure which of 3 options I should take (current fares are around $1100).

8 replies

toddsci

Member since 20 Feb 2015

Total posts 7

I'm likely (70%) flying to Seoul in July for an event (arrive 15 july, leave 23 july) and I'm not sure which of 3 options I should take (current fares are around $1100).

1. Buy now, risk $350 cancellation fee.

2. Wait for a lower price.

3. Wait until I know for sure whether I'm going and buy then.

RaptorNation158

Qantas - Qantas Frequent Flyer

Member since 21 Aug 2014

Total posts 186

What city will you be departing from? That could help us figure out the price history and better help you with your question.

toddsci

Member since 20 Feb 2015

Total posts 7

Sydney

toddsci

Member since 20 Feb 2015

Total posts 7

Sydney

henrus

Qantas - Qantas Frequent Flyer

Member since 23 Oct 2013

Total posts 768

First of all are you flight in Economy?

and also where are you flying from in Australia 

henrus

Qantas - Qantas Frequent Flyer

Member since 23 Oct 2013

Total posts 768

and also which airline did you see the $1100 price with (Scoot, Cathay, Qantas)?

toddsci

Member since 20 Feb 2015

Total posts 7

Cathay, from sydney.

Dat Plane Guy

Member since 11 Dec 2014

Total posts 25

Is there a certain airline you would like to fly with? Are you with any Frequent Flyer Programs at all? Also is there a certain of day you want to leave or do you just want the cheapest fare, Vietnam Airliens have flights for under $1000 on your selected dates if that's what you want.

TheRealBabushka

Member since 21 Apr 2012

Total posts 2,059

hi toddsci:

1) $350 represents your total loss in the event that the trip is cancelled.

2) Prices of tickets rarely go down, particularly in the peak Northern Summer season (July)

3) Find out what the fare of the higher booking classes are, then subtract that amount by the amount of the cheaper fare. The value represents your opportunity cost.

If the opportunity cost (3) is substantially greater than the total potential loss (1). Then I would pick option 1.

This ensures you obtain the best value outcome while minimising your risk (that you cannot get a ticket).

How do you find the booking classes? Well you can ask your travel agent/airline and get them to price the next few fares up (I don't know which airline you're intending to fly otherwise I could advise). Alternatively if you gave me the details of your intended flight I may be able to obtain that information for you via Expertflyer.

Hope this helps.

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