Summertime — warm weather, t-shirts, concerts in the park… and budget-friendly road trips. Errr, not so fast. Although drivers plan to travel about 500 miles this summer, according to a new survey by Experian, motorists expect to shell out some serious cash. The survey found that 20% of motorists say they will spend between $1000 to $1,499, even though their average budget is only $1,007. Only 3% plan to spend $100 or less.
“Consumers may not have much control over some of the costs of their vacation, but there are many ways to prepare in advance so that they can save more,” says Rod Griffin, senior director of consumer education and advocacy for Experian. “I always suggest consumers make a budget before finalizing their vacation plans, then research costs for different accommodations, activities and experiences, and book those accordingly.”
Additionally, Griffin suggests leveraging credit cards to earn reward points and discounts to apply toward vacation plans. Check out the best credit cards for gas and EV charging rewards.
How far will you go?
Only about one in nine road-trippers plan to drive more than 1,000 miles, with the average planned road trip mapped out to about half that, or 512 miles — just enough for motorists driving gas-powered cars to refuel at least once. The average electric car gets about 250 miles on one charge, according to the UC Davis Plug-In Hybrid and Electric Vehicle (PHEV) Research Center.
Of course, some EVs will get less mileage, and some can get 350 miles or more. Many hybrid models can travel more than 500 miles on a full tank based on the results of Car and Driver’s 75-mph highway fuel-economy test.
Top three road trip expenses
Not surprisingly, most drivers say they expect gasoline (76%) and lodging (61%) to be the biggest expenses on their road trip, and another 47% say food will be one of their big-ticket items this summer.
The national average price of regular unleaded gasoline slipped to $3.47 per gallon in June 2024 after peaking at almost $3.70 earlier this year. That’s good news for summer travel. In fact, indications are that gas prices are expected to be below average this summer as a result of the U.S. releasing some of its fuel reserves, but they are not likely to fall below $3 per gallon. Honestly, unless you're driving an electric car this summer, you’re looking for ways to save on gas.
Other anticipated costs
Other expected costs while on the road are entertainment (18%), car maintenance (10%) and vehicle rental (6%). Understandably, 15% of those surveyed also mentioned insurance premium costs for their own vehicle or, if they rent, the additional coverage they'll either use or purchase for their rental. Insurance costs have climbed more than 26% since 2023. As such, they have become a constant pain point among many motorists, even on vacation.
Griffin points out that, “consumers can consider splitting costs with friends or family members, sharing hotel rooms and packing food instead of eating out at restaurants for all of their meals to help cut back on some of these expenses.”
Test drive insurance premiums
As reported by Kiplinger, car insurance rates will likely remain elevated until 2025, according to Bankrate’s True Cost of Auto Insurance Report. "So, if you think this summer’s road trip may break your budget, Griffin adds, "it may be time to compare car insurance quotes online from top auto insurance carriers."
If you're rethinking your auto insurance, check out Bankrate's tool below to help you compare rates.
