Currently, the consensus among travel websites is that an AAdvantage mile is worth 1.4 cents. However, the value of your miles will vary significantly depending on how you use them.
American Airlines offers MileSAAver awards, which provide travel options with lower redemption requirements, starting at just 7,500 miles each way (plus any applicable taxes and carrier-imposed fees). MileSAAver awards have no blackout dates, but these awards may have limited availability. More common are the AAnytime awards which are always available and start as low as 20,000 miles for a level one ticket.
You may get the most value from your miles if you can book a MileSAAver award in business or first class to an international destination. That redemption value will be significantly greater than choosing a domestic flight in economy at the AAnytime award rate; however, depending on your destination and travel dates, this option could still be considered a great deal. For example, a first class ticket to the Caribbean, Mexico or Central America could cost as little as 50,000 miles. First class tickets to South America start at just a bit more, 55,000 miles, and Europe, 85,000 miles.
You can get even more value out of your award travel if you have an AA co-branded credit card. These cards provide access to reduced mileage awards. They also allow cardholders to save up to 7,500 miles when redeeming for certain domestic flights. Eligible destinations change each month.
AAdvantage also allows members to redeem miles for merchandise such as newspapers and gift cards or lounge access through the Admirals Club. Miles can also be transferred to hotel and car rental programs for redemption or donated to charity. However, all these options usually result in lower value than redeeming miles for flights.