As tire prices rise, drivers delay purchases

…Keith Price, a spokesman for Goodyear Tire & Rubber, says the price of oil, now at all-time highs, makes up 60% of the raw materials cost for a tire. Natural rubber, a commodity nearing 28-year price highs, makes up another 25%.

Many car owners, already feeling pinched by inflation at the gas pump and supermarket


“We’re seeing more and more customers every day deferring their tire purchases,” says William Bainbridge, director of brand communications for Hankook Tire America. “Consumers are shocked by tire prices.