Answers to the '20/20' Smart Traveler Quiz!

Dec. 15, 2007— -- If you're wondering what the answers were to the "2020" Smart Traveler Quiz, read on. The truths, and myths, may surprise you!

1. Coach class fares are always cheaper than first class.

Answer: FALSE.

There are more than 100,000 discounted first class airfares available, and many times they can be cheaper than coach. Prices can be down to $300 for roundtrip first class travel.

"There's this myth that first class is $1,500, $2,000 round trip. I just got through publishing up on my blog a $500 round trip, first class on Northwest from Dallas to New York City," said Rick Seaney, CEO of FareCompare.com, a Web site that helps people find travel deals.

So first class tickets don't have to bust your vacation budget. The problem is that most passengers don't even bother to check the first-class box when shopping for tickets, thinking that they're unaffordable.

These tickets can actually be booked well in advance or at the last minute. And for business travelers, these discounted first class tickets have an added benefit.

"The code looks like a coach class ticket, so it gets past the corporate policies for no flying in first class. But it's actually booked in the first class cabin," Seaney said.

2. Waiting for last-minute deals is a good idea.

Answer: FALSE.

"For the bulk of people that travel, the longer you wait ... most likely you're not going to get the best price," Seaney said.

That's because most passengers who book less than two weeks before their flights are business travelers, and the airlines know these people can afford to pay a premium.

3. You don't have to book a year in advance to get the best deals.

Answer: TRUE.

"The best time to start shopping is about three or four months before you travel. The reason for this is that the airlines begin to start managing those fare prices," said Seaney.

"Before that time, the prices are set at a midtier level. They'll sell you those tickets all day long, because they make money on those tickets."

The only time you should be shopping for tickets way in advance is for flights on peak travel days around Christmas or Thanksgiving. Seaney advises to shop for those tickets year-round.