There is no M fare on IAH-BUF but also no "tens of dollars" upgrade fares. Anyone willing to buy the B fare would be at the same priority.
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Flexible Fare Search -- IAH-BUF roundtrp for date range Oct-Apr on carrier CO -- Continental Airlines
Carrier|From |To |FareBasis |Fare |Min |Max |Adv. Purch|Earliest |Latest |
CO |IAH |BUF |LA10ZN |USD$ 204 | | |10days | | |
CO |IAH |BUF |TO103JSN |USD$ 208 |seerul| |10days | |09feb11 |
CO |IAH |BUF |TA7ZN |USD$ 220 | | |7days | | |
CO |IAH |BUF |T103XJSN |USD$ 227 |seerul| |10days | |09feb11 |
CO |IAH |BUF |EO103JUN |USD$ 246 |seerul| |10days | |09feb11 |
CO |IAH |BUF |ER103JSN |USD$ 264 |seerul| |10days | |09feb11 |
CO |IAH |BUF |E103XJUN |USD$ 265 |seerul| |10days | |09feb11 |
CO |IAH |BUF |EA7ZN |USD$ 279 | | |7days | | |
CO |IAH |BUF |GR103JUN |USD$ 302 |seerul| |10days | |09feb11 |
CO |IAH |BUF |GA14ZN |USD$ 334 | | |14days | | |
CO |IAH |BUF |UA14ZN |USD$ 369 | | |14days | | |
CO |IAH |BUF |K1 |USD$ 755 | | |seerules | | |
CO |IAH |BUF |B1 |USD$ 1175 | | |seerules | | |
CO |IAH |BUF |BCOUP1 |USD$ 1260 | | |seerules | | |
CO |IAH |BUF |D1 |USD$ 1371 | | |seerules | | |
CO |IAH |BUF |Y8 |USD$ 1760 | | |seerules | | |
CO |IAH |BUF |F1 |USD$ 2042 | | |seerules | | |
CO |IAH |BUF |Y |USD$ 2817 | | |seerules | | |
CO |IAH |BUF |F |USD$ 4030 | | |seerules | | |
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A silver buying a B fare on SAT-BUF will pay only a few dollars more than a PPlat on the above K fare and both could very well be on the same plane, competing for the same seat. A non-elite would likely be paying around $200 more one-way for that same "upgrade."