Catalytic Converters Are a Target for Thieves
Catalytic converters attract thieves due to their easy removal and valuable metals such as platinum, palladium, and rhodium. The latter costs about $7,925 per ounce, which is almost twice as expensive as gold, explaining the temptation for theft.
Canadian’s Unexpected Discovery
One Canadian driver faced an unpleasant surprise when trying to trade in his 2023 Ram pickup. Despite purchasing the vehicle new, a CarFax report showed an insurance damage claim.
The Trade-In Problem
According to CarFax, there was damage amounting to 13,634 Canadian dollars ($9,672 USD) due to the theft of a catalytic converter. This reduced the trade-in value by 5,000–8,000 Canadian dollars, causing the owner’s outrage. The dealership where the vehicle was purchased assured that they were unaware of the incident.
CarFax’s Response
After the owner contacted CarFax, the company acknowledged that the incident should not be classified as damage. A representative stated:
“Given the absence of structural or accident damage and the replacement of the stolen part with an original one, this should not be considered an accident/damage record in our vehicle history report.”
The incident was reclassified as a service repair.
Implications for Future Buyers
Such a change in classification could mislead potential buyers who would not learn about the significant loss associated with the theft. Although the owner won his case, CarFax’s actions raised doubts about the reliability of their reports.
This situation highlights the importance of transparency when selling vehicles, especially when it comes to significant repairs. Although the damage was formally repaired, its history can affect consumer trust in reporting systems like CarFax. Buyers have the right to know the full information about a vehicle, regardless of how companies classify events.