Stealing catalytic converters has become a common problem for car owners and car dealers on Cape Cod in recent weeks. Several motorists parked at the Sagamore Commuter Lot have had their catalytic converters stolen from underneath their trucks or sport utility vehicles.
Last week, six catalytic converters were stolen from a pile of used car parts at Cataumet Auto Sales on Route 28. At Hyannis Toyota, 11 converters were stolen from trucks and SUVs parked in the display lot. So far, mechanics at Battles Used Car and Truck Sales on MacArthur Boulevard in Bourne have found at least one vehicle has had its catalytic converter swiped.
According to mechanics and car salvage dealers, thieves target catalytic converters because they contain the precious metals platinum, rhodium, and palladium. At the close of the New York Stock Exchange yesterday afternoon, rhodium was valued at $9,000 per ounce, nearly 10 times the value of gold. Platinum is valued at more than $2,000 per ounce, and palladium is worth $550 per ounce.
There are only small amounts of each metal found in the catalytic converters, but thieves can still sell them to discreet junk dealers for $100 a pop. The cost to car owners, however, is much greater.
Thieves Targeting Cars For Metals—(source)