Why are catalytic converters so expensive?

Catalytic converters are primarily expensive because of the rare and precious metals they use in their construction. The global pandemic has also made mining precious metals and constructing the converters more expensive.

Why are scrap catalytic converters worth so much?

Catalytic converters have economic value as they contain precious metals. This is the main reason why they are sold as the most expensive scrap. Because it contains rhodium, palladium and platinum, which are among the most precious metals.

What vehicles have the most valuable catalytic converters?

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 are people stealing catalytic converters How much are they worth?

According to multiple sources, money is the main motivation for people stealing catalytic converters. According to NJ.com, they have precious metals like platinum and rhodium in them that have value on the black market. Cars.com also mention that the devices have palladium.

What car has most catalytic converters stolen?

Carfax data shows that the Ford F-Series trucks that sit atop the national list for converter theft (their high ground clearance makes them especially easy to purloin in this regard) are the most targeted models in all parts of the country except western U.S. states.

GOLD Under Your Car - Why Are Catalytic Converters So Expensive?

How much do thieves get for a stolen catalytic converter?

These precious materials make catalytic converters targets for thieves who then cash in by selling the parts to scrapyards or metal recycling plants. Thieves can make anywhere from $25 to $300 for a standard catalytic converter, and ones from hybrid vehicles can sell for up to $1,400.

Why are Prius catalytic converters stolen?

Currently, Prius is being targeted because catalytic converters of hybrids need more of the precious metals to work properly because they don't get as hot as those installed on conventional vehicles, since the combustion engines of hybrids only run part of the time.

Which catalytic converters are being stolen?

Those vehicles most often targeted for catalytic converter theft during the past three years in California are the Toyota Prius, Honda Element, Honda Accord, Ford Econoline, Honda CRV, Ford F-250, Toyota Tundra, Toyota Sequoia, Ford Excursion and the Toyota Tacoma.

How much gold is in a catalytic converter?

Catalytic converters contain Platinum, Rhodium and Palladium. However, there is no gold in catalytic converters.

Do people buy broken catalytic converters?

The most common problem folks run into is that recycling catalytic converters for scrap metal is a relatively new practice for many scrap yards and gearheads, so it's common for buyers and sellers of scrap catalytic converters to undervalue the part.

Why are Prius catalytic converters worth so much?

Why the Prius above other cars? Hybrids require catalytic converters with a higher concentration of precious metals than those found on gasoline-only cars. The HLDI notes that the converter from a 2007 Prius is selling for about $1,022 today, compared to just $143 for the converter used a Ford F-150 from the same year.

Does insurance cover a stolen catalytic converter?

Is a stolen catalytic converter covered by insurance? If you have comprehensive coverage on your auto insurance policy, then you're typically covered against catalytic converter theft. Comprehensive coverage will typically pay to replace the stolen catalytic converter and repair any related damage from its removal.

How do I protect my car from catalytic converter theft?

How long does it take to steal a catalytic converter?

Thieves can remove a catalytic converter quickly, often in less than two minutes, so theft can even occur in broad daylight. The only tools a thief needs are a wrench (for converters that are bolted on) or a reciprocating saw (for converters that are welded in). Some thieves bring a mechanic's creeper.

How do thieves get under Prius to steal catalytic converter?

To steal a catalytic converter, thieves must get underneath the vehicle and remove it. Typically, they will use a small, battery-operated saw to cut through the connecting exhaust pipes, divorcing the component from the car in a matter of minutes. As you may have noticed, a Prius does not sit high off of the ground.

Does a Tesla have a catalytic converter?

In short, Since Tesla vehicles are electric cars and don't use internal combustion engines, Tesla vehicles don't have catalytic converters. Tesla vehicles don't have exhaust systems, so they don't have catalytic converters.

How much do catalytic converters sell for on the black market?

According to The Pew Charitable Trusts, a global non-profit organization with a focus in public policy, criminals typically sell stolen catalytic converters for $50-$500 to internet buyers or scrapyards.

Why do people buy catalytic converters?

They contain three metals that aid in the chemical reaction that makes exhaust pollutants less harmful: platinum, palladium and rhodium. The prices of these metals have risen dramatically during the early 21st century.

How much is the platinum in a catalytic converter worth?

On average a catalytic converter generally contains 0.1 to 0.3 ounces (3 to 7 grams) of platinum. According to Kitco the bid price of platinum is $977 USD per ounce (April 9 2022) meaning there are between $110 and $300 dollars worth of platinum in a typical OEM catalytic converter.

Why do scrap yards buy catalytic converters?

Catalytic converters contain platinum, rhodium, and palladium. The metals are expensive, and thieves sell the converters to scrap yards for several hundred dollars per piece, depending on the size of the converter and the current rate on the metals inside it.

What is the street value of a catalytic converter?

While the “street value” of a catalytic converter can range between a mere $100 to $700 depending on the type of vehicle it's stolen from, replacing a stolen one will cost you a lot more. With labor, a catalytic converter replacement is estimated at between $1,000 and $3,000.

What happens to a vehicle when the catalytic converter is stolen?

Loud Vehicle Noises and Missing Catalytic Converter

The first sign of a stolen catalytic converter is incredibly loud vehicle noises. You will find that when driving without your catalytic converter, it will sound like your vehicle is roaring—especially when starting or giving it gas.

How many catalytic converters are stolen each year?

According to the National Insurance Crime Bureau (NICB), there were 3,389 reported catalytic converter thefts in 2019. That reported number skyrocketed to 14,433 in 2020. NICB President David Glawe said there has been a significant increase in thefts since the beginning of the COVID-19 pandemic.

How much do thieves get for a Prius catalytic converter?

Data available from marketplace website AutoCatalystMarket.com shows that the average scrap price for a GD3+EA6 catalytic converter found in a second-generation Prius is $1,022.