The cheapest time to buy a plane ticket has been revealed

The cheapest time to purchase airline tickets

If you are planning a trip well in advanced of your departure date you could save a lot of money by booking 54 days in advance.

A new report from analyzed about three million itineraries from 2015 to determine the best time to book a flight.

This is not an exact science. Ticket prices fluctuate based on demand for seats, time of flight, and other conditions.

However, on average booking 3.5 months before your flight will save you the most amount of money.

“This isn’t a magic number that you can send a calendar reminder to yourself to book your flight,” said CEO Jeff Klee.

How big are the savings? If you manage to purchase a ticket at the lowest price possible you could save up to $345.

You also tend to have the largest selection of flights to choose from when you book well in advanced of your departure date.

Flights booked 6.5 to 11 months ahead of time cost an average of about $50 more than prices found during the prime booking time frame.

Book a week to 13 days ahead of schedule and you can expect to pay at least $75 more than the lowest-priced ticket.

Book seven days in advanced and you can pay upwards of $200 more on your ticket.

There is some good news for last minute flyers, who paid less in last-minute fees in 2015 than they had in the past.

In any case, 54 days should be your target date for purchasing advanced airfare.

Written by Tammy Johnson

Tammy Johnson

Tammy Johnson is the Retail Editor at BusinessPundit. She focuses on Fortune 500 retail company's and disruptive brick-and-mortar and e-commerce companies that are changing the retail landscape.