Catalytic Converter Thefts Surge 40%
Local police reported a 40% increase in catalytic converter thefts this quarter, attributing the rise to the high value of precious metals. Authorities are urging residents to park in well-lit areas and are increasing patrols in affected neighborhoods.
- The primary driver for thefts is the value of three precious metals found inside the converters: platinum, palladium, and rhodium. Rhodium is the most valuable, with prices that can exceed that of gold, sometimes reaching over $10,000 per ounce. - Nationally, reported catalytic converter thefts surged from 3,389 in 2019 to 14,433 in 2020, and by 2022, an estimated 153,000 were stolen. - Experienced thieves can remove a catalytic converter in as little as 30 to 60 seconds, often using a battery-powered saw to quickly cut it from the vehicle's undercarriage. - While a thief might get $50 to $500 for a stolen converter, the replacement cost for the vehicle owner is significantly higher, typically ranging from $1,000 to $4,000. - Trucks and SUVs are frequent targets because their high ground clearance provides easier access for thieves. Hybrid vehicles are also prime targets because their converters contain a higher concentration of precious metals and are in better condition since the gasoline engine doesn't run as often. - After a peak in 2022, theft rates have begun to decline significantly. Data from the first half of 2023 showed a 43% decrease in thefts compared to the same period in 2022, a trend attributed to new state laws targeting scrap metal buyers and a drop in the value of rhodium. - Geographically, California has consistently had the highest number of catalytic converter thefts, accounting for over 30% of claims nationally in 2021. Texas, New York, and Illinois have also ranked among the top states for reported thefts.
