Gold On Wheels Just Sitting There

As Many as 153,000 Catalytic Converters Stolen in 2022

Thieves are going after catalytic converters because of the valuable materials used in their construction, including platinum, palladium and rhodium.

They're also relatively easy to steal, the process taking little more than a minute in some cases.

What Is A Catalytic Converter Worth?

Catalytic converters do possess value. But just how much they are worth depends on the type of vehicle and how old it is.

Converter scraps can be sold anywhere, from relatively small sums of money (about $100) to, in some cases, over $540. The part is manufactured from certain precious metals that recently increased in value. In December 2020, rhodium was priced at around $14,500 per ounce, palladium at approximately $2,336 per ounce, and platinum was worth about $1,061 per ounce.

The sad news is that If you become a victim of theft, replacing one will hit your wallet. Most catalytic converters cost between $800 to $1,200. In some instances, you will have to pay anywhere from $1,000 to $3,000 to fix your car. They used to cost $350, but the pandemic created shortages, influencing the pricing. That creates a scenario where owners are always under the indirect risk of theft. But does the government do anything about it?