|Updated: 4:15 am
||Published: 4:13 am
courtesy of Fox.xom
LITTLE ROCK, AR – A combination of supply shortage and raw material price increases means drivers are paying more for tires. At All About Tire and Brake, Michael Wylie says it seems every 45 days the price of tires goes up. He says while he’s tried to eat as much of the cost increase as possible, to stay in business, he has to pass some of the price on to his customers. “Because of a lot of natural disasters in Indonesia, South America, and Asia, the production of rubber crop has been severely damaged. The tsunami in Japan had a huge impact. “Customers are now trying to prolong the life of their tires and put off replacing them. For example, a set of average price tires on a medium size sedan has gone from an average of about $50 each, to now costing close to $70.With summer heat the number one enemy of tires, and summer being a travel season, drivers like Helen Crossfield can’t put off purchasing tires any longer. The higher cost does mean she’ll have to spend less money elsewhere. “It’s a little bit painful. I’m just glad I had enough to afford it.”
Investing in new tires now could save money later down the road, because letting tires wear too thin is dangerous.
Michael Wylie at All About Tire and Brake says worn out tires are a huge safety concern. “Tires are the only thing between you and the road.”
With so many sizes and varieties, Michael Wylie only stocks the most popular tires at All About Tire and Brake. He says with accurate tire pressure, not only will tires last longer, but drivers can get better fuel economy.
Prices of oil and steel have also driven steadily upward and show little signs of coming down. That means transport costs are also more expensive.
Filed under: Business, Business Blogs, commodities, Personal, World | Tagged: Asia, Business, commodities, Economy, Indonesia, Inflation, Japan, Life, Money, oil, price increases, prices, rubber, South America, steel, tires, transportation, travel | Comments Off