After a few quiet years, there are warning signs that catalytic converter thieves are back on the job.
In Berkeley, California, a spree of catalytic converter thefts started out the new year. St. Paul, Minnesota has seen a similar trend in recent months. Cars in the Nashville suburbs are also being targeted for the precious metals the car parts contain.
In 2023, State Farm said claims for the catalytic converter theft had fallen from their peak in 2022. That year, the insurance company paid out 45,000 claims for theft of the car part. Two years later, it was down to around 7,600, according to a report by personal finance site MoneyGeek.
But now, conditions are rife for a rise in catalytic converter theft, MoneyGeek reports. The price of rhodium, a precious metal used in catalytic converters because of its resistance to corrosion and high temperatures, is making this type of crime more attractive.
The price of rhodium skyrocketed to over $12,000 per ounce at the end of February.
Catalytic converters also contain two other rare materials, platinum and palladium, both of which can sell for several thousands dollars per ounce.
“As the value of the precious metals contained within the catalytic converters continues to increase, so do the number of thefts of these devices,” David Glawe, the president and CEO of the NICB, previously told Nexstar.
