What if you were sitting on something valuable and didn’t even know it?
That’s the case for many who have old catalytic converters laying around in their garages. Outside of a vehicle, these converters don’t do much except take up space. However, if you are willing to take it to a nearby scrapyard, you may be able to make some serious money.
But how much do scrapyards pay for these converters, and what do you need to know before you can get paid? Keep reading to find out!
1. What are catalytic converters?
The catalytic converter is part of the car’s exhaust manifold. While electric vehicles don’t use these converters, they are a standard feature on any vehicle that burns fuel.
What do these converters do, though? In short, catalytic converters help purify your vehicle’s emissions, transforming carbon monoxide into carbon dioxide and water. In addition to making your vehicle safer for both you and everyone else on the road, these converters also help automakers ensure their vehicles conform to federal emissions standards.
2. What is the value of catalytic converters?
It’s possible to get up to $1,000 for your catalytic converter. The amount you may be offered at a local scrapyard can vary tremendously since the precious metals inside the converter (namely platinum, palladium, and rhodium) will ultimately determine what the converter is worth.
In other words, you won’t know the value of your converter until you bring it to the scrapyard. There, trained professionals will grade the metals inside, and you’ll be offered a fair market value for them.
Also, while specific values are never guaranteed, keep in mind that original factory models are always worth more than aftermarket replacements. Still, it’s always worth visiting the scrapyard to see how much money you can make!
3. Is there anything you need to do with catalytic converters to be able to scrap them?
The most important thing you need to do with a catalytic converter before you take it to the scrapyard is to inspect the inside. The converter should have an intact ceramic suspension, and this is where the precious metals are stored.
As we noted before, almost all of the value of a converter comes from those metals, so if the ceramic suspension is shattered and the metals are gone, it may be worthless. So long as your ceramic suspension is intact, though, all you need to worry about is making sure you have a license or federal ID on you (not just information stored at the scrapyard) to complete the transaction.
4. Any myths or misconceptions about scrapping catalytic converters?
In recent years, catalytic converters have become a popular topic, especially once people discover how much money they can make by taking old converters to scrapyards. However, this has led to the myth that every converter is “easy money” waiting to happen. As we said before, a converter without its precious metals is a converter without any real value.
Also, due to the unfortunate fact that many people steal these converters, there is another myth that the catalytic converter market is only a black market. In reality, most people making money selling converters are doing so legally, and scrapyards actively check your ID to deter the efforts of thieves.
5. Are there any situations you shouldn’t scrap a catalytic converter?
Honestly, there are only a few situations where you shouldn’t scrap a catalytic converter. The first situation is, of course, if you’re still using it. Secondly, don’t bother scrapping if you don’t have an active license or federal ID. Third, and finally, it’s not worth scrapping if the ceramic suspension is broken.
So long as none of these situations apply to you, then congratulations! All you have to do is bring your converter to a good scrapyard and find out how much money they will offer you.
Get the Most for Your Catalytic Converter Today
At Scrap It, we have a simple motto: “Turn your metal into money.” And if you have an old catalytic converter sitting around, you can make some quick cash right now.
Why waste the metal when you could get paid? To get started, all you have to do is contact us today!