I used to believe if you could get a reasonably priced ticket then it was not worth "using" miles for an award. This was back in the day when you could actually count on using your miles in the future.

With limited award availability I am hard pressed to actually purchase a ticket if I can get an award ticket no matter what the price. With the inflation of awards and the limited availability of award tickets why should you keep miles and "hope" that some day they will have more value than they do today. I don't see any reason why the airlines in the near future would make award redemptions easier or more available.

I'm thinking the party is over, free tickets are difficult now to get, and if you can get them, burn the miles to get 'em. Your frequent flyer program isn't a 401-K or a retirement plan that is going to grow in value over the years. They are basically rebates, and I would claim my awards while they (and the airlines) are still around.

In the past one could use the argument that you would get miles when you flew on a paid ticket, but didn't on an award ticket, so there were cases when you could purchase a ticket and get enough miles for a free one in the future. Back then you knew you could actually get a seat, something you can't be sure of today.

I'd use miles for the ticket and use the cash that you would have for the ticket for vacation stuff or better hotel room. My only concern is if you can really get a ticket for 18,750 miles at a time when you want to go. Also make sure you are getting them 21 days prior, else they will hit you with a fee to redeem your miles for awards.

Good luck, and enjoy your trip!