Tire prices may increase on April 1 in Ontario due to inflation and supply chain issues, experts warn
Tire prices may increase on April 1 in Ontario due to inflation and supply chain issues, experts warn
Tire prices may increase on April 1 in Ontario due to inflation and supply chain issues, experts warn
Inflation has been driving up the price of gasoline, food, housing and now, if you need new tires, you should also expect to pay more in Ontario.
“Everything is going up and tires are definitely one of those things that's going to take a hit," said Corey Stokes, owner of Green Car Tires in Scarborough, Ont.
Not all companies are announcing their price increases, but Michelin North America said earlier this month that tire prices would increase on April 1.
In a new release, Michelin said the majority of passenger and light truck tires would be increasing five per cent, motorcycle tires nine per cent and up to 19 per cent on off road tires.
Tire prices went up last year, but Stokes noted that his suppliers said that most tire companies would be increasing tire prices this year.
Stokes said suppliers blame supply chain issues, the cost of fuel and rubber and issues affecting tires manufactured in Russia, which may now no longer be available.
“It's definitely going to cost you more that it did last year and some manufacturers have already moved up prices about a month ago and even still on April 1 they are still going to move it up some more," Stokes said.
Many drivers will be taking off their winter tires in the weeks ahead, but if you use winter tires and get a discount on your insurance premiums, you should leave them on until April 1.
Insurance companies in Ontario give drivers a discount of two to five per cent if they use winter tires. However, the Insurance Bureau of Canada (IBC) said to qualify for the winter tire insurance discount, some insurance companies require you have winter tires on your vehicle from Nov. 1 to April 1.
If you claim the discount but put winter tires on too late or take them off too early, you may not be covered if you're in an accident.
Anne Marie Thomas, director of consumer and industry relations with IBC, said drivers should leave them on until at least April 1 and longer if there is still cold weather.
“We’re still dipping below freezing. It's for your own safety to keep them on until the weather is consistently 7 C or above," Thomas said.
if you think you may need new tires, you might want to check prices before April 1 as Stokes said there are already some shortages in popular brands and sizes.
While you don't want to take your winter tires off too early, you don't want to leave them on too long either as winter tires are made of a softer rubber compound that will break down and wear out faster in warmer weather.
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