Hi Paras, Welcome to the forum! Hope you have a good time here!
Minimum = Manufacturer recommended pressure - Find it in your Owner's Manual. Never go below that.
Maximum = What is written on the sidewall of the Tyre. Never go beyond that, unless you are aware of and take responsibility for the consequences. It is advisible to limit the maximum pressure a notch (10%) below the maximum sidewall pressure, to be on the safer side.
Between these two, you can choose. the Manufacturer specified pressure is for a good balance between fuel efficiency and comfort.
Higher tyre pressure advantages: 1. Higher FE (through lower rolling resistance).Benefits diminish closer to 50 PSI. No real benefit beyond that. 2. Lower wear 3. better handling and cornering
Higher tyre pressure disadvantages: 1. Rougher, noisier ride - cushioning provided by tyres diminishes 2. Bearings are stressed because of less cushioning, diminishing their expected life. 3. Car frame could develop rattles shakes earlier (small incremental effect)
Lower tyre pressure advantages :Cushioning and lower noise level
Lower tyre disadvantages: 1. Higher tyre wear 2. Lower FE 3. Poorer handling
These are just some points I could think of, off-hand. For a more complete treatment on the subject, among other points related to car tyres, visit this page.
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