New Cars

Thieves take catalytic converters

An increasing number of catalytic converters are being hacked off cars to be sold by thieves.

One theory is that they are being stolen to replace defective ones on other vehicles.

Some units are also thought to be shipped to Eastern Europe and China, so that the platinum they contain can then be extracted.

Platinum prices are currently rising - the metal was trading last week at more than £1,000 an ounce (28g).

Catalytic converters are estimated to hold between 1g and 3g of platinum, and the precious metal is part of the “scrubbing process”, which cleans up fuel emissions from vehicles.

It is thought that the stolen converters can be sold for at least £120 each.

Police forces across the country have been reporting a number of catalytic converter thefts, with Warwickshire Police saying there is one incident a day across the county.

It affects everybody in the trade
Car salesman

Warwickshire’s crime prevention team has recently reported a spate of attacks on vehicles parked on showroom forecourts and on private driveways.

Soaring prices

One car showroom in Leamington Spa had three catalytic converters stolen from its cars in a single night.

A spokesman said the thieves had targeted 4×4 vehicles, because they are high off the ground and easier to reach, and because the converters are larger on those models.

Replacing the stolen equipment will cost the showroom almost £3,000.

“It affects everybody in the trade,” the spokesman added.

According to Fairfax Investment Bank, the price of platinum has trebled in the past 18 months.

A spokesman said: “There are power shortages in South Africa, we hear stories almost daily of rolling blackouts.

“This has caused the platinum mines to work at a reduced rate in what is an already tight market where demand has continued to push ahead, as more and more people drive cars around the world and where the mines really struggle to keep up with the demand.”

read more | digg story