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According to multiple sources, money is the main motivation for people stealing catalytic converters. According to NJ.com, they have precious metals like platinum and rhodium in them that have value on the black market. Cars.com also mention that the devices have palladium.
Aaron Harker, owner of Aaron’s Custom Exhaust in North Carolina, told WECT that people can extract the metals at junkyards to make a profit.
Source: https://www.distractify.com/p/why-do-people-steal-catalytic-converters
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