If you’re in the market for new tires, the time to buy them is now.
Many tire companies have or will increase prices by at least 10%.
Since late 2020, thanks to the pandemic, the cost of living has shot up to levels not seen in decades. Tire manufacturers cannot escape rising material prices which explains why some companies have had to increase retail prices a half-dozen times or more in less than two years.
Yokohama is one of the latest brands to inform its customers that prices are once more about to go up. In fact, since December of 2020, this will mark the seventh time the tier-1 tire maker has had to adjust pricing as a result of constantly rising production costs.
“It’s evident that the economic challenges brought on by the COVID crisis are still sending shockwaves through all industries,” said Diana Colosimo, Brand Development Manager for Yokohama Tire (Canada) Inc. “These most recent price increases reflect the impact of volatile market dynamics that were unforeseeable in previous price-adjustments, most notably the continually rising costs of raw materials and energy.”
Yokohama will increase prices of all-season Passenger and Light Truck tire patterns, but not winter tires, by up to 7% from November 1st. According to the tire maker, the global transportation and supply-chain crises will not soon settle, and economic challenges are expected to continue well into 2023 meaning that prices will continue to rise.
If you need new summer tires for next year, now might be the best time to buy them.