There's about to be a plane ticket cheaper than Economy

Last Class? New Airfare, Below Economy, to Be Cheapest Yet

It's no secret that airfare prices only seem to be soaring higher than ever before (no pun intended!)

Booking a standard seat in economy has always been the cheaper alternative to flying economy with perks (like extra legroom, for example), first class and business class.

SEE ALSO: Airlines offering the best ticket deals for Cheap Flight Day

But thanks to initiatives that began in 2014 by Delta Airlines, it looks like a new trend of even cheaper seats is about to take off (okay, that pun was intended!)

Enter the age of 'basic economy.'

'Basic economy' is essentially the lowest division of a regular coach level ticket which means forfeiting the most basic of benefits on a standard ticket.

Those flying 'basic economy' are not permitted to cancel or adjust their flight itineraries after 24 hours of booking, and don't have the eligibility to upgrade, change or choose seats.

Yes, that means you won't know where exactly on the plane you'll be sitting until right before boarding.

It goes without saying, then, that those traveling in groups can expect to be separated on the flight.

United and American Airlines are set to roll out their versions of 'basic economy' by the end of the year.

With summer dwindling down and peak holiday travel season seemingly around the corner, booking a ticket this way might be a pretty "fly" deal.

RELATED: The 20 most loved airlines in the world

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20 most-loved airlines in the world
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20 most-loved airlines in the world

#20: Bangkok Airways 

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#18: Korean Airlines

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#15: Alaska Airlines

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#13: Japan Airlines 

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#12: Air New Zealand

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#11: All Nippon Airways 

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#10: JetBlue Airways

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#9: Garuda Indonesia 

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#8: Aeroflot 

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#7: Singapore Airlines 

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#5: Avianca 

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#3: Azul Brazilian Airlines 

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More on AOL.com:
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