Last year, law enforcement sources nationwide warned of a rash of catalytic converter thefts. This year, the problem has grown worse.
Study: Thefts On Pace to More Than Quadruple
Data scientists from the background-check firm BeenVerified found 14,433 reports of stolen catalytic converters in 2020. In just the first five months of 2021, they found 25,969. In 2019, they found reports of just 3,389 catalytic converter thefts.
Thefts were most common in California, Texas, Washington, Minnesota, and Colorado. Colorado, Connecticut, and Arizona saw the biggest spike in thefts.
What is a Catalytic Converter?
The catalytic converter is among the most valuable parts of your car. It’s a little larger than a toaster – easily carried by one person – and located underneath the rear of the car in easy reach, just ahead of the tailpipe. And it’s filled with valuable metals.
Its job is to filter the exhaust, scrubbing harmful substances out of it through chemical reactions. It does this by sending hot exhaust gasses through a honeycomb of rare metals like palladium. Palladium sold for about $500 an ounce in 2016 but fetches $2,636 today. Rhodium, also common in catalytic converters, sold for $640 an ounce five years ago. Today, it goes for about $17,050 an ounce.
How Are They Stolen?
Thieves generally steal a catalytic converter by sliding underneath the car and sawing it out of the exhaust system. With a hand-held power saw, the whole operation can take just a few minutes.
Thieves target new cars because the concentration of valuable rare metals in a catalytic converter degrades over time.
How to Protect Yourself
Early in the surge, some car dealerships have reported dozens of thefts in a single night. But, as dealers invested in cameras and security, thieves have moved to targeting individual vehicles parked outside.
Experts say parking inside is the best defense if you’re worried about your new car’s catalytic converter being stolen. Where that’s not an option, park in well-lit areas and consider installing a security camera. Several companies make guards you can install, designed to make removing the converter take too long to be worth a thief’s time. But we’ve seen no studies that examine whether the guards actually deter thieves.
Your car is likely among the most valuable things you own – learn about protecting yourself from automotive fraud.
