If you weren’t aware that catalytic converter theft is A Thing, well, it is—and the problem is getting worse. According to the National Insurance Crime Bureau, the pandemic has seen a rapid rise in catalytic converter theft. In 2019, an average of 282 catalytic converters were stolen every month; in 2020 the average had risen to 1,203—and that’s just an average. In December alone, 2,347 catalytic converters were stolen.
What’s the deal here? Catalytic converters contain precious metals which are rapidly increasing in value, including platinum (currently worth about $1,100 per ounce), palladium ($2,400 per ounce), and rhodium ($24,000 per ounce). A contributing factor could also be that many cars have been sitting quite a lot during the pandemic, what with so many commuters now working from home or otherwise reducing their outings. Combine the two, and you have opportunity for bad actors to do their things.
The L.A. Sheriffs valued their 250-converter haul at $750,000, which sounds a bit high to us, while in San Bernardino the police estimated their 400 converters at $100,000, which seems a bit low. In reality, replacing a stolen converter will likely cost you between $1,000 and $3,000 depending on the type of car. As for those stolen converters, they can be sold to recyclers for $50 to $250, according to the NICB.
Who is at risk? Hybrids like the Toyota Prius that fell on that unfortunate thief in Anaheim are frequent targets; since they run their gasoline engines less, their converters tend to have less contamination and therefore command higher prices on the black market.
Big trucks like the Ford F-250 and F-350 Super Duty also seem to be frequent targets. Our friends at Ford surmise this is because their higher ground clearance gives easier access to the converter (if only that guy in Anaheim had thought of that). We’ve noticed that among Ford converters, those for the diesels, and especially the big 6.7 liter V-8, tend to be the most expensive, but our Ford contacts were unable to enlighten us as to whether they contain a higher concentration of precious metals.
Of course, the best bet is to buy a car that doesn’t have a catalytic converter—something electric or hydrogen powered or very, very old. Otherwise, it’s best to watch carefully where you park … try to pick a well-lit area, especially if you have no other choice than to street park your car, or splurge a little for a secure garage.
