People often misunderstand the name of this exhaust system component. With the proper tools, thieves can remove a catalytic converter in less than two minutes and profit handsomely by reselling it. For context, in December 2018 an ounce of palladium hovered around $1,200, while an ounce of rhodium went for about $2,500.Ĭatalytic converter theft is also common because the component is mounted beneath the vehicle, making it easily accessible to thieves. As of December 2020, palladium was trading for about $2,300 per ounce, while rhodium was valued at upward of $16,000 per ounce en route to a peak of about $29,000 in April 2021. That dramatic increase in reported thefts correlates with rising prices for the precious metals within a catalytic converter, including palladium and rhodium.
Catalytic converter theft has risen in recent years, due in large part to the soaring values of precious metals that catalytic converters contain.Īccording to the National Insurance Crime Bureau (NICB), catalytic converter thefts rose from 1,298 in 2018 to 14,433 in 2020. If you start up your vehicle one morning and it sounds like the muffler has fallen off, there's a good chance your catalytic converter has been stolen.
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