An air deflection apparatus for reduction of vehicular air drag comprises at least one air deflection element coupled to a rear portion of the vehicle but not to the rear-facing surface of the vehicle or, in other embodiments, at least one air deflection element coupled to a rear portion of the vehicle but not to any rear door which the vehicle may have. The air deflection elements are displaceable, preferably in unison, between a retracted position and at least one deployed position in which the air deflection elements intersect with the air flowing around the top and sides, and preferably also the bottom, of the vehicle, and in which they divert that airflow in a manner that enhances the aerodynamic characteristics of the vehicle and thereby improves its fuel economy, resulting in a reduction in fuel cost. The air deflection elements may be deployed and retracted manually, or remotely with powered assistance, or under microprocessor control, with the latter allowing for optimal positioning of the air deflection elements based either on pre-stored values, or on values derived, utilizing an optional feedback mechanism, from real-time vehicular speed and fuel consumption data. Vehicles equipped with the apparatus, and methods of reducing vehicular air drag using the apparatus, are also disclosed.