Why Are Catalytic Converters So Valuable?

Recently there have been huge spikes in catalytic converter thefts from cars. Usually done late at night when it is hard for cameras to catch details, thieves can hack a cat from under a car in under two minutes. But why are thieves stealing catalytic converters in my town? And, why has stealing cats increased? Why isnt car theft an easier way to steal? And, what is a catalytic converter, anyway?

Some people have a cage or metal plates welded around the cat to make it much harder for thieves to remove. In Minnesota recently , state Senator John Marty enacted a ban for unlicensed scrap yards from purchasing cats.

Why are catalytic converters so valuable right now?

Catalytic converters contain trace amounts of precious metals, including platinum, palladium and rhodium, which in early March hit nearly $30,000 per ounce. … So in the end, even if [there’s] just a small amount of metal in a catalytic converter, it’s just worth so much per ounce.”

What vehicles have the most valuable catalytic converters?

Which Catalytic Converters Are The Most Expensive? According to data from 2020, the most expensive catalytic converter belonged to the Ferrari F430, with a mind-popping $3,770.00 price tag. Moreover, the F430 needed two of them, so a full replacement would run car owners $7,540 before labor costs.

Why do people steal catalytic converters?

Catalytic converters are designed to act as a line of defense against harmful exhaust system emissions by turning pollutants into harmless gasses, according to Cars.com. Thieves target catalytic converters because they contain precious metals, like platinum, palladium or rhodium, that are valuable to metal dealers.

Platinum is expensive, and if you have ever bought a piece of jewelry, you would know that by now- but it is also expensive when you have platinum inside of catalytic converters. The PGMs also include Rhodium and Palladium, and these two metals, couples with platinum, make catalytic converters have their value.

This has led to auto companies putting more precious metals into the catalytic converters to help stop the smoke/emissions from harming the Earths atmosphere and increase prices. In the 1990s and early 2000s, we saw car companies starting to put more PGMs into the cats, which led to higher returns.

The exhaust-control devices common in most cars contain the silvery white precious metal, whose prices have climbed more than 50% since mid-August. Palladium is now more expensive than gold.

Palladium is a precious metal that is more valuable than gold, and its price has skyrocketed over the last couple of years. In 2018, it was worth nearly $1,000 an ounce. Now, a single ounce is worth nearly $3,000. But as its value has risen, devices that use palladium have become magnets for thieves.

What makes catalytic converters so valuable?

Why are these little pieces of metal so valuable and coveted in the scrap world? It all comes down to one acronym;Platinum is expensive, and if you have ever bought a piece of jewelry, you would know that by now- but it is also expensive when you have platinum inside of catalytic converters. The PGM’s also include Rhodium and Palladium, and these two metals, couples with platinum, make catalytic converters have their value.These precious metals mixed help trap the fumes from internal gas engines or diesel engines, which has helped stop more emissions (harmful to the environment) from escaping into the air. But the increased value since the beginning of 2019 of the PGM group of metals has led to the catalytic converter prices really increasing over that same time.

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