Thieves looking for an easy payday from the popular reselling of expensive commodities such as aluminum and steel have been increasingly finding their loot in the underbellies of automobiles in the form of catalytic converters.
The New York Times reports that the practice has developed into a widespread national problem. The exhaust system components are found on virtually every gasoline and diesel powered vehicle and contain trace amounts of platinum, palladium and rhodium -- all precious metals that are growing increasingly more expensive as a result of their shortages and high demand primarily from the booming Chinese market.
Stolen convertors usually sell for around $150, with value increasing in larger SUV convertors, which have higher amounts of precious metals. In addition to holding the most value, SUVs are easier to access and operate under due to their ground clearance.
An efficient thief is said to be able to completely cut out a catalytic converter with a battery-powered saw in around two minutes -- a good payoff for a quick job that won't set off alarms and can even be achieved in the best lit parking lots.
Some state legislatures are trying to pass laws restricting the buying and selling of catalytic converters in hopes of blunting this costly trend.
In reality, this national situation will only be eliminated with the unlikely worthlessness of platinum, palladium and rhodium.
Source: NY Times