Car thefts increase drastically around the world due to high parts prices

It is true that over the years, car manufacturers have increased the quality of even their low-tier products to match with the high levels of expectations of the consumer. Cutting-edge technology and robust safety measures installed to increase the comfort and safety of the occupants of the car have found their way into almost all of the average-quality-and-above cars that enter the market today. But the National Insurance Crime Bureau has realized that these top-quality components are very expensive to replace which leads to heavy repair bills and a drastic rise in car thefts around the U.S.

Also Read: Brexit shock starts impacting the UK car industry

The NICB recently published a report along with a YouTube video in which it shared the result of their latest research on the topic. The nonprofit monitoring insurance organization looked into the cost of the replacement parts of the top 10 hot vehicles of 2016 in terms of thieves’ favorite and pulled the average OEM part prices of the most commonly theft parts of those cars from the database of over 24 million vehicle damage appraisals that were generated within 2016 and 2017. The list of the common parts only comprised of the car body and did not include performance parts like the engines or transmissions and other such. The findings were extraordinary.

  1. One of the top ten cars in the list, the 2016 Toyota Camry, had a used market price of $15,000 at the time, while the cost of replacing the 15 most commonly appraised parts of the car model combined to form a total of $11,000 without adding the cost of the labour. The above-mentioned common parts included the quarter panels, alloy wheels, and body panels.
  2. Another one of the top ten most stolen cars of 2016, the 2016 Nissan Altima had a used market price of about $21,000, while the cost of the 14 most commonly appraised parts of the car added up to a whopping figure of about 14,000 USD without the labour. These parts include the headlights, headlamp assemblies, fender and liners, and wheels.
  3. The 2016 GMC Sierra pickup made it to the 7th place in the top ten most stolen vehicles of 2016 and had a used market price of around $28,000. The most commonly needed replacement parts of the GMC Sierra were worth more than $21,000.


Google App Store App Store