Let the cost of each of the first three tires be \( x \).
According to the holiday deal, the cost for three tires is \( 3x \) and the cost of the fourth tire is $5. Therefore, the total cost for all four tires can be expressed as:
\[ 3x + 5 = 237.50 \]
To find the value of \( x \), we first isolate \( 3x \):
\[ 3x = 237.50 - 5 \] \[ 3x = 232.50 \]
Next, we solve for \( x \) by dividing both sides by 3:
\[ x = \frac{232.50}{3} \] \[ x = 77.50 \]
Thus, the cost of each of the first three tires is \( \boxed{77.50} \).