NEW YORK (MainStreet) While consumers flock towards road trips to save money on airfare, a new survey sheds light on some of the overlooked costs road trips entail.
According to RetailMeNot, 95% of respondents said people tend to overindulge and spend more than planned on road trips.
"Nearly 4 in 10 surveyed are planning to take a road trip this summer," says Trae Bodge, senior lifestyle editor for The Real Deal by RetailMeNot. "While the cost of traveling by car may seem cheaper compared to the cost of airfare, there are a variety of other factors to consider when budgeting for a road trip, like souvenirs, food costs, fluctuating gas prices and even car maintenance issues that often arise."
Gas prices typically inch higher during the summer months on the heels of higher demand. AAA said the average price for a gallon of gasoline stands at $3.565, compared to $3.671 at this time last year.
Tensions in Iraq and throughout the Middle East are putting upward pressure on energy prices. The price of a barrel of crude oil currently settled to $104.59, despite a 5% spike in prices on the heels of instability in oil rich Iraq.
While traveling, take advantage of the GasBuddy smartphone app to find the cheapest gas stations based on your location.
Should you rent a car on your road trip, you'll be asked to purchase rental car insurance, which can easily approach $20-$30 per day and add up to a steep amount. Check with your insurance company on your own car, as the insurance may apply to rental cars too, per a recent MainStreet report last month. Also ask your credit card company, which may offer rental car insurance, saving you the hefty expense of purchasing it from the rental car company.