A staggering number of 43.2 million individuals are projected to embark on car journeys this upcoming July 4th holiday, as reported by AAA, an esteemed organization specializing in motoring and leisure travel. The good news for these drivers is the decline in gas prices across the nation compared to last year.
According to AAA, the current national average for a gallon of gas stands at $3.54 as of July 3, while it was $4.81 a year ago. The high prices experienced last year compelled politicians at both the state and federal levels to call for gas tax holidays.
Despite gas prices still being relatively high compared to historical averages, drivers have no intentions of scaling back their road travel plans, as AAA reports. This is due to the summer season being an exceptionally popular time to travel, despite the challenges experienced, including widespread flight disruptions leading up to the July 4th holiday.
A recent survey conducted by Bankrate discovered that 63% of adults plan to take a summer vacation this year, up from 61% last year. Ted Rossman, senior industry analyst at Bankrate and CreditCards.com, remarked that people have a desire to go somewhere and do something, as there is a significant amount of pent-up demand from the pandemic.
This surge in demand has contributed to increased prices in categories like airfares and hotels. Bankrate’s survey found that 80% of travelers intend to adjust their plans due to the higher prices. Among the common changes made are opting to drive instead of fly, selecting more affordable accommodations or destinations, and reducing the duration of travel.
For those planning to hit the road, here are some tips to cut costs on gas:
1. Take initiative in finding lower prices: AAA’s ranking of the top 10 least expensive markets reveals that Mississippi has prices around $2.97 per gallon, followed by Louisiana at $3.08. Other affordable markets include Alabama, Tennessee, Arkansas, South Carolina, Texas, Oklahoma, Georgia, and North Carolina. Drivers can also utilize apps such as Upside or GasBuddy to find better gas prices.
2. Look for a good gas rewards credit card: Some credit cards, like Chase Freedom Flex and Discover it Cash Back, offer up to 5% cash back on gas during specific periods, such as between July and September. Sam’s Club also provides cards that enable consumers to earn money back on gas. It’s worth checking the perks offered by existing credit cards, as individuals may already possess a beneficial gas rewards credit card without being aware of it. However, it is generally advisable to avoid gas-branded cards with high interest rates and limited gas purchase discounts.
3. Try stacking discounts: Drivers should explore the option of stacking offers. For instance, a credit card may provide 5% cash back on gas, while a gas station app might offer a 10% discount per gallon. By combining these savings, individuals can maximize their benefits.
4. Double-check car rental coverage: Rental cars are comparatively more affordable this year. If considering renting a car, it’s essential to confirm whether the credit card being used already offers insurance coverage. Many credit cards include various travel perks, including provisions for trip delays or cancellations, lost or delayed luggage, which individuals may not be aware of.
By implementing these strategies, individuals can make their road trips more cost-effective and enjoyable.
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