The price hikes include winter tires from Michelin, BFGoodrich, Uniroyal.
The increases go into effect from April 1st.
Now might be a good time to purchase your new winter tires for next winter.
This story pertains to Michelin however tire price increases are and will become very commonplace. In Michelin’s case, they will raise pricing on winter tires as of April 1st, 2022.
Prices will jump by 5% on selected Michelin, BFGoodrich, Uniroyal winter tires in less than a month. The reason behind this move is explained by market dynamics according to Michelin. The “market dynamics” likely refer to the escalating costs associated with materials, labour, and transport.
Michelin is not alone. Goodyear, Toyo, Bridgestone, among many others, have or will announce more price hikes. Some tire companies began increasing prices in mid-2020 due to forecasted raw materials cost surges. Natural rubber, butadiene, and carbon black prices have steadily been rising steadily in some cases since 2018.
Although it might be a difficult pill to swallow and given the strong chance that more increases will be announced this year, now is probably the best time to think about buying next season’s tires now. In Michelin’s case, a set of X-Ice winter tires will be about 5% cheaper before April 1st.
