Why don't people do their own asphalt repairs if asphalt is available in home improvement centers? The answer is the asphalt in stores is referred in the industry as cold patch, cut back or temporary asphalt. It contains oils that keep the asphalt soft enough to use but it also makes the material too soft to be permanent. It can be a temporary fix to a pot hole but it does not address what has caused the problem in the base and surrounding areas. It's like putting a band-aid fix on something that needs correction for long-term solutions.
Pavement stays fixed when the damaged pavement is removed, the base is re-compacted (or additional base rock used) and then hot mix asphaltic concrete is placed to a sufficient depth and compacted with a heavy roller while the material is above 175 degrees (ideally between 275-300 degrees).