As many of us would agree, a brand new set of tires is a lot of money. Now, consumers can expect to see that cost go up, anywhere from 4% to 34%.
We hear about it every day. The price of gas and other goods continue to rise, and now, drivers are getting slammed with another high expense to keep their vehicles on the road.
Scott Stevens Tires General Manager Brock Stevens said, "Each tire they say on average, takes 13 gallons of crude oil to produce and get it into the retail stores from the time they produce them to the time they get into my shop."
The high cost of oil isn't the only reason that's driving prices.
"They give you different reasons. A lot are manufacturing costs, and a lot are raw material, but everything is going up," says Gus Pacheco, the account manager at Jim Whaley's Tires.
Name brands like Michelin, BF Goodrich, Uniroyal, and Goodyear are inflating their price tags, some effective June 2nd.
"Goodyear; I know for a fact, they’ve already stated that their implement tires are going to go up in July, anywhere between 9% and 34%,” Pacheco added.
Even though we see a price increases today, this August, some name brands may even hike them higher.
"On Saturday, which was the 31st, you were paying $89 dollars and now, for that same tire, you could be paying $99 to $104 with more increases coming this summer," said Brock Stevens, the general manager of Scott Stevens Tires.
Meanwhile, consumers are already feeling the pinch.
"I wasn't expecting them today, but they have always been high. And now, it may be harder for people to get a full set," says Jerry Kelly, a customer at Scott Stevens Tires.
Experts say this price hike is a big one, and they have not seen a major price increase since after Hurricane Katrina hit.
And, businesses say they won't be hurting from this because a lot of people are purchasing tires to maintain their current vehicles rather than buying brand new cars.
There are some things you can do to get the most mileage out of your tires: