Tire prices to increase 10 to 15%
BISMARCK, N.D. (KFYR) - As the new year begins, be prepared to see a rise in auto tire prices. Last month, major tire companies Bridgestone and Toyo announced they’ll be increasing the prices of consumer and commercial tires in the new year. Industry experts say there’s a variety of factors contributing to the increases.
“Supply and demand. Factories, I suppose, aren’t full. We’ve got container ships sitting off the coast that may have tires in them that aren’t hitting the shores yet, or haven’t got distributed yet. Oil and gas prices are going up and that’s what they’re made out of is oil,” said John Berg, with Capital Heights Auto Clinic and Mr. Lubester.
John Berg says it’s not clear if or when prices of tires will go down, but he says the same factors that drove the price up would play a part in driving the prices back down. For now, the prices of tires are expected to increase by as much as 10 to 15%.
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