That is a pinch flat, in fact they are often called snake bites, because of said resemblance. It was likely caused by having too little pressure in your tire (though a really sharp blow can pinch flat even a tire with good pressure) and unless there is another unrelated problem with the tire you do not need to buy a new one... Small cuts are fine, somewhat larger ones can be repaired with super glue, but if you have a really big cut or a cut in the sidewall, it is likely time to get a new tire. Other reasons to get new tires - excessive wear or flat spots, sun damaged/ cracked rubber, especially in the sidewalls.



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