Lemme, Lemme Upgrade: 'Premium Economy' Is the New 'First Class'

You know that Seinfeld episode where Jerry tells Elaine, "I've flown first class, Elaine - I can't go back to coach. I can't... I won't"? It's funny, because it's true.

However, in this wonderful economic climate, sometimes first class just isn't an option. Which is why airlines are creating the wonder that is 'premium economy'.

Several airlines, mostly foreign, have reconfigured their long-haul aircraft in recent months to offer seats that are 5 inches to 8 inches longer in pitch — the distance between the seat back to the seat behind — and about 1 inch to 4 inches wider than coach seats. Some airlines also provide better food, wine, noise-canceling headphones and priority boarding. The fee to upgrade to premium economy can range from $30 to $2,000 round trip, depending on the distance and services. But seats are also hundreds or thousands of dollars cheaper than flying in business or first class.

The profit margin for the airlines -- Virgin, United, British and JetBlue are among the carriers joining this trend -- is pretty insane too; JetBlue portends to bring in an extra $40 million by simply adding five inches of legroom for a few rows of passengers.

As for the cost itself, oftentimes it depends on the flight. JetBlue's NYC to Tokyo flight can run an extra $1,200 for the upgrade (although perks such as a personal television, dank headphones and lounge access are included) while United's only asking $15 for the bonus from Chicago to Denver.

In other words, just don't bring any luggage, and it'll seem like it's free.