Too little tire pressure causes the sidewall to flex too much, overheat, and fail.
Max tire pressure is very important for towing because is makes the tire more stable (less side-to-side movement) and helps control trailer sway.
Low tire pressure will make the edges of the tire wear and the handling feel...well, something like mushy. Correct tire pressure makes the tire grip the pavement surface better and therefore is safer.
High tire pressure will cause the center of the tire tread to wear faster than the edges, but also saves a small bit of gas. Overall, the gas savings exceeds the cost of the tire wear.
I like 33-35 in the fronts and 30-32 in the rears. When hauling a max load of gravel, or towing, I pump them all up to 40 (my Bridgestones have a max pressure of 44).
Ken
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