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Wednesday, August 16, 2023

The Daily Money: Exhausted by catalytic converter theft? Good news

The falling prices of precious metals and tougher legislation targeting scrap recyclers appear to be taking a bite out of crime.

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Wed Aug 16 2023

 
Phoenix police find stolen catalytic converters

An Arizona man is facing multiple theft charges after detectives found a huge stash of stolen catalytic converters packed into a storage unit in Phoenix. (May 27)

AP

This is senior reporter Jessica Guynn with your Daily Money.

If you've had your catalytic converter stolen , you know the drill: the expense (even if your insurance covers it, you're still on the hook for that deductible), the headaches (getting to work and the grocery store while your car is in the shop) and the wait (so many of these parts are being stolen, your car will idle until your mechanic can secure a replacement).

At last there's some good news. After surging for a few years, catalytic converter thefts are dropping.

The reason? The price of precious metals has fallen and tougher legislation targeting scrap recyclers appear to be taking a bite out of crime.

Thefts dropped in the first half of this year, according to new data shared exclusively with USA TODAY. 

BeenVerified estimates there were 26,742 catalytic converter thefts in the U.S. between January and June. That's  down 43% from the same period last year.

It's not all good news. Catalytic converter thefts are still nearly 21 times higher than in 2019 before the  catalytic converter crime spree began, according to the data company.

Catalytic Converter Theft 1

Torrance, Calif., police recovered 87 stolen catalytic converters in a three-week crackdown on the increasingly common crime in June.

Torrance Police Department

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

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