If you own a late model car or truck, and you’ve been in a wreck, you may still be shaking your head over the repair bill. The National Insurance Crime Bureau (NICB) says today’s vehicles are loaded with expensive parts and technology that increase the costs of repairs, even in what may be considered a minor accident.
But some people are making a pretty penny off of those increasingly more expensive car parts, namely car thieves.
Car Thefts Up Again
The National Insurance Crime Bureau says car thefts rose again last year, up by more than four percent according to early 2017 FBI crime data.
Recovered cars are generally missing wheels, rims and other key parts. Other stolen vehicles end up in chop shops where they stripped down, dismantled and sold piece by piece on the black market.
“For the professional theft ring, stealing and stripping vehicles for parts has always been a lucrative business,” said NICB Senior Vice President and COO Jim Schweitzer. “On today’s cars and trucks, the parts are often worth more than the intact vehicle and may be easier to move and sell. That’s why we see so many thefts of key items like wheels and tires and tailgates…there’s always a market for them.”
NICB: Cost of Replacement Parts
The NICB looked at the cost of replacement parts for the top 10 stolen 2016 models
. The infographic below shows three of them. As you can see, the total parts value adds up fast.