Modern Day Prospectors Targeting a Car Near You
News from Cinncinnati
and around the country is that thieves have been stealing catalytic converts for thier platinum and palladium. They slip under parked cars and use portable power saws, probably something like a reciprocating Sawzall to cut out the converts in a matter on just a few minutes. Apparently scarp yards and chop shops are paying about $50 to $100 per converter, based on todays preciosu metal spot prices.
This kind of theft has been occuring for some time now in the base metals catagories. Copper piping and copper wire, sewer grates and manhole covers all have been at risk, as theives cash in on the rising prices at scrap yards.
This is the first report I have noticed on any precious metals risks of street theft however, but I am sure it could be an ever growing problem. Better keep an eye out for troubles of this sort in your area. Some areas are begining to offer solutions, like serial numbers on your converter. Replacing a catalytic converter can cost between $500 and $1000, depending on make, model and aftermarket or original manufacturer source.