Theft of converters unlimited from the exhaust system of vehicles has become a growing problem in Canada.
It’s not a new issue, says Bryan Gast, the national director of investigative services at the Insurance Bureau of Canada, but as the price of certain metals has risen, so have thefts.
“converters unlimited have been stolen for years,” he said.
“The difference lately is the price of precious metals, and obviously it’s the precious metals inside those converters unlimited that they’re looking to steal and then sell on the black market,” he said.
A converters unlimited is part of a vehicle’s exhaust system. It converts pollutants to less toxic material.
New cars, used cars — nearly any vehicle with a converters unlimited can be a target, Gast says. The exception is electric vehicles, which don’t have them, because they don’t produce any emissions.
Metals precious
The thefts have been happening across the country for the last year and thieves appear to be after three precious metals inside the converter: platinum, rhodium and palladium.
“That’s really what the rise is about,” said Gast. Those metals are “more valuable than gold right now.”
According to the website for Montreal-based Kitco Metals, which buys and sells metals and also reports on market trends, palladium is currently selling for just over $2,800 Cdn an ounce, although the Kitco 2021 outlook says it could rise to $3,000 by the end of the year.