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Choosing Between Flying or DrivingHow a Cost-Benefit Analysis can help on Travel OptionsPerforming a cost-benefit analysis is useful for many situations. Whether to take an airplane or drive to a destination provides a useful example.
A cost-benefit analysis examines the positives and negatives of two or more different alternatives. In constructing an analysis, many factors should be considered. Not all factors will ultimately be deemed important enough to enter into the decision. Each factor will vary in importance or weight. The importance of a particular fact will vary on the situation. For instance, the cost of an overseas flight may be high, but driving is likely to be impossible. A cost benefit analysis of flying versus a cruise may be appropriate for that situation. This article will analyze the factors involved in a 500 mile trip for two people. The time involved in driving vs. flying would be similar, including waiting times at the airport and possible layovers. The article makes basic assumptions that automobiles and airplanes can reach the desired destination. Flying Cost FactorsThe initial cost of flying is the airline ticket. Tickets vary in price based on destination and how far ahead they are bought. There can be deals on tickets bought on short notice if the plane is not projected to be full. Most vehicles can hold two adults and up to three children comfortably. Each airfare is separate, including seats for children To get the full cost of flying it is necessary to include other items. Getting to the departure airport may include taxi fees, or parking. Rental cars can be a major expense at the destination, including insurance coverage. Otherwise, taxis or shuttles may be required. Tips for baggage and meals in route will add to cost. Luggage on airlines is restricted in size and weight, therefore, items such as beach chairs or bicycles might have to be rented rather than hauled along for free. Driving Cost FactorsThe most visible cost of driving is gasoline. 400 miles is within the range of one tank for many cars, but larger vehicles may need multiple stops, and gas would be required for the return trip. A vehicle may be a liability in some situations, particularly major cities like New York, Washington or Toronto, where public transportation is preferable and parking rates are steep. In addition to gas, there are hidden costs of driving, including wear and tear on the vehicle, the risk of an accident during the trip, tolls and major delays from construction or weather. Driving a vehicle allows for more cargo room, but having the space can encourage the purchase of additional souvenirs. Lack of room can be a useful excuse. A Monetary ExampleFor a properly planned trip for two from Cleveland to New York, airfare might cost $500. Taxis and public transportation for the weekend could be $100, and other incidentals would result in an additional $100 for a total of $700. Gasoline at $4 per gallon for a 1,000 mile auto trip at 20 miles per gallon would be $200. (All these are subject to change, especially for non-U.S. trips). The additional 1,000 miles might lower the value of the vehicle by $200, and parking might be $100, for a total of $500 Each situation needs to be examined, in case gasoline increases, or flights can be bought cheaper. Other factors need be considered, but clearly, in this case, driving is $200 less than flying, which might buy a night on the town.
The copyright of the article Choosing Between Flying or Driving in Consumer Education is owned by James Hutchinson. Permission to republish Choosing Between Flying or Driving in print or online must be granted by the author in writing.
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