Have you put new tyres on your car recently and noticed that the cost has dramatically grown? A price analysis by PriceRunner of almost fifty thousand car tyres shows that prices increased by 20 percent between July 2021 and January 2022.
Do you feel like owning a car is getting more and more expensive? You aren’t imagining it. During the past six months, the average price on car tyres has increased by a fifth, according to new research from PriceRunner.
“These results shows that car tyres have become absurdly expensive! I would imagine this is driven largely by increasingly expensive raw materials such as rubber, as well as higher transportation costs and global supply chain and delivery issues” said Christine Gouldthorp, Consumer Expert at PriceRunner.
The analysis looked at tyre prices week by week between May 2021 and January 2022, clearly showing a growing trend in the UK during the second half of the year:
*PriceRunners website had 47,132 different tyres listed on 11th of January.
Which tyres are wheely expensive right now?
Looking at individual tyre brands, there are a few that stand out in terms of price increases over the past six months.
Comparing the price developments of 138 different tyres on PriceRunner’s website, the tyres with the biggest price increases were predominantly from larger brands such as Michelin, Pirelli and Goodyear:
Taking a look at prices aggregated per month, the tyres with the biggest price increase went up by 45 per cent between May 2021 and January 2022.
The Goodyear Ultragrip 8 195/55 R16 87H topped the list and increased in price as shown in the price graph on PriceRunner’s website (with daily minimum prices shown) or below:
The Hankook Winter i*cept evo 3 (W330 275/35 R19 100V XL 4PR) was also one of the tyres that increased the most in price during the period, by 44percent with prices aggregated per month instead of week, as shown in the graph below:
Prices vary tyrelessly even on the same day
When looking at specific tyre prices on the 11th of January, the minimum price for one of the tyres in the analysis cost almost 60 percent more when comparing the best priced retailer to the most expensive one.
“With colder temperatures you may really need new tyres. If so, just remember that it almost always pays to compare before you buy, as prices vary greatly even on the same day. Our analysis showed that you could save more than a hundred pounds on some tyres just by comparing the price that day!” said Christine Gouldthorp, Consumer Expert at PriceRunner.
The tyres with the biggest price differences between retailers on the 11th of January varied greatly as shown below:
What could be driving this price hike?
Around the globe, car manufacturers have been struggling for several months with pandemic-related issues such as plant shutdowns, staff shortages because of illnesses or isolation requirements, a global chip shortage and enormous transportation problems of goods.
Even though the demand for cars has bounced back since the start of the pandemic, the industry is having a hard time keeping up with orders with the massive delays and backlogs created over the past months.
Another issue is the limited supply of rubber, not helped by the demand for rubber gloves around the globe during the pandemic. Because of the many cargo ships stuck in large ports around the world hindering raw materials from reaching producers, as well as larger economies stockpiling what they can get their hands on, the increased price on rubber and therefore a price hike on tyres might not come as a huge surprise.
Whatever the reason for this price hike may be, or any other price hikes for that matter, always remember to compare the price before you buy. That way you could potentially save hundreds of pounds on the essential items you need.