How Do Oil Prices Affect Driveway Costs
With oil prices on the rise, many homeowners may be wondering if it would be smarter to wait on paving their driveway until prices come back down.
It is true that oil prices can and do affect the cost of asphalt but it may affect it a lot less than you think, especially residential driveways. Major road projects will feel the effects more based on the sheer volume of asphalt needed.
Over the past 44 years that we have been in business the price for a new driveway has increased slightly each and every year regardless of the price of a barrel of oil. Rising costs for equipment, labor, and overall inflation never cease, therefore the cost to get a new driveway this year is slightly more expensive than it was last year but it will also be cheaper than waiting until next year.
Driveway Installation Cost Breakdown
Let’s take your average 1,500 sq ft driveway in 2021 and let’s say the square footage price was $5.00. Your driveway would cost $7,500. Now let’s say in 2022 the square footage price has increased by $0.25 (typical average gain year over year) to $5.25, your driveway would now cost $7,875.
An increase of only $385.
Cost the following year should follow this pattern and be priced at $5.50 per sq. ft., and then cost $8,250 or $375 dollars more than this year.
So, when should you call a driveway contractor?
When people ask me when the best time to get a new driveway is, I tell them as soon as it’s ready. We won’t recommend installing a new driveway or replacing your existing driveway unless we feel it’s necessary. There are several signs to look for when you should replace your driveway and we even recommend when to replace your driveway so homeowners are armed with all the information they need.
As inflation continues the cost of all goods and services will increase whether it is a new asphalt driveway or a bag of apples. The question is do you want to enjoy the benefits of a new, clean, properly functional driveway now, or pay more for it later?
The process is simple, call or email us today to set up your free quote. Right now is a great time to get a new driveway!
