Why are catalytic converters worth so much as scrap?

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.

Why are catalytic converters so expensive right now?

Your catalytic converter is expensive because it needs rhodium to reduce smog levels. Rhodium, at its current value, is extremely expensive which makes using it in a catalytic converter expensive. To make up for their cost, manufacturers have to increase the price of the catalytic converter.

What is in a catalytic converter that is so valuable?

Catalytic converters contain trace amounts of precious metals, including platinum, palladium and rhodium, which in early March hit nearly $30,000 per ounce. … “We think of platinum as more valuable than gold. But rhodium is 10 times more valuable than platinum.

How much is a stolen catalytic converter worth?

It doesn’t take long for a thief with simple tools to snatch a catalytic converter, the NICB stated, and recyclers usually pay between $50-$250 for one. But the precious metals that come from hybrid vehicles can bring a thief up to $1,500 per catalytic converter.

Why do thieves steal catalytic converters?

This jewelry is being treated with a thin coating of rhodium—a chemically inert, corrosion resistant metal. … And it’s also the reason why thieves across the U.S. are sawing off catalytic converters in order to get their hands on a few precious grams of the world’s most valuable metal.

What are the most stolen catalytic converters?

The common consensus seems to be that the Prius, Tacoma, Lexus SUVs, and the Accord are some of the most targeted cars for catalytic converter theft. So if you own one of these, make sure your car is locked up safe and sound.

Why do Prius catalytic converters get stolen?

“The demand is high for catalytic converters, and they seem to know which ones command the highest prices, like those on the older Priuses.” Prices have soared for metals like platinum, rhodium, palladium and others, due to lower mining production in recent years, a trend that was exacerbated by the pandemic.

How much do thieves make on catalytic converters?

As of Tuesday, KITCO.com priced platinum at $1,024 an ounce, and palladium, at $2,190 an ounce. Thieves, on average, can earn $200 per catalytic converter — about 1/10th of what it costs to replace a stolen one. And thefts happen quickly, usually taking only a minute or two.

How much do criminals get for a catalytic converter?

These catalytic converters are very common to find and are more valuable than other converters because the precious metal loading inside is high. Thieves can fetch as much as $700 per converter from unscrupulous buyers.

How much are Prius catalytic converters worth?

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.

Which cars are least likely to have catalytic converters stolen?

Thieves don’t steal catalytic converters from cars that have less precious metals. These catalytic converters have low value in the market; they include Ford, Chevy, Jeep, Dodge, Mazda, Nissan, Subaru, Hyundai, and Chrysler.

Does insurance cover stolen catalytic converters?

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.

Why are Prius catalytic converters so expensive?

Car experts say since the Prius is a hybrid, the catalytic converter corrodes less than on other cars, keeping the precious metal coating in better shape. It’s also one of the most expensive to replace, costing between $2700 and $4100. Thieves steal catalytic converters to get the precious metals rhodium and platinum.

How many Prius catalytic converters are stolen?

Theft claim frequency was 58.1 claims per 1,000 insured vehicle years for 2004–09 Toyota Prius models in 2020, compared with 1.4 claims in 2016.

Which vehicles have the most valuable catalytic converters?

Which Catalytic Converters Are The Most Expensive? According to data from 2020, the most expensive catalytic converter belonged to the Ferrari F430, with a mind-popping $3,770.00 price tag.

Why do thieves target Prius catalytic converters?

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.

What is the expensive mineral in the catalytic converter?

palladium
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.

Are older catalytic converters worth more than newer?

The newer and/or smaller cars being closer to $100. The larger, older vehicles could have catalytic converters worth $600 and up. As for the $1,000 and the rampant inflation, older vehicles with the original converter are becoming more and more valuable; something to consider when buying or selling an older vehicle.