Rubber prices on the up and up

It might be time to buy your summer tires now...

Winter is inevitably around the corner. If you haven't bought your winter rubbers, your probably planning on doing it very soon. We all know what a big expense this is, however we've got some bad news... It's only going to get more expensive.

BATO, Bridgestone Americas Tire Operations (BATO), announced yesterday that price increases in the United States, and therefore Canada, are coming. This includes consumer original equipment, truck and bus, agricultural, and off-road.

Photo: Thinkstock

The increase will be of 8% across the board. Other manufacturers have proclaimed similar hikes. Here's a breakdown according to Modern Tire Dealer (MTD):

• Toyo Tire U.S.A. Corp. passenger, light truck and commercial truck tires prices will increase up to 6%.
• Falken Tire Corp. passenger, light truck and medium truck tire prices will be hiked up to 8%.
• Kumho Tire U.S.A. Inc. consumer and medium truck tire prices will increase up to 6.5%.
• Hankook Tire America Corp. consumer and commercial tire prices will be raised up to 6.5%.
• Cooper Tire & Rubber Co.’s consumer tire prices in North America will increase as much as 6.5%.
• Yokohama Tire Corp. will raise its consumer tire prices up to 8%, effective Dec. 1, 2010. In-line adjustments will be announced later.
• Pirelli Tire North America also will hike its consumer tire prices in the U.S. up to 7%, effective Dec. 1.
• Goodyear Tire & Rubber Co. raised its medium truck tires prices up to 8%.
• American Pacific Industries Inc. raised prices up to 10% on seven imported tire brands.

On $600, an 8% increase is nearly $50 ($48 to be exact) which is not a negligible amount. Think about making the move now, if you can.