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Wales Online
12-08-2025
- Automotive
- Wales Online
Drivers warned of 'car cannibalism' crime sweeping UK
Drivers warned of 'car cannibalism' crime sweeping UK The epidemic of car cannibalism is being fuelled by the trend of stripping a car for parts, with the illegal "chop shops" selling vehicle components on the black market Parking your car inside your garage can be the best way to prevent it from getting stolen (Image: Don Mason via Getty Images) Motorists have been issued a stark warning as car cannibalism is reportedly "on the rise". Motoring experts from My Motor World have warned drivers of the potential risks posed to their vehicles. This comes after new data revealed a Welsh police force area saw over 50% year on year rise in vehicle thefts. Claims data from Admiral Insurance has revealed a fourfold increase in thefts of parking sensors from 2023 to 2024, with steering wheels also becoming a prime target for thieves. In January 2025, multiple luxury cars were stolen in one night at Cardiff's Whitchurch. This trend of stripping cars for parts is fuelling a surge in illegal "chop shops", where stolen vehicle components are sold on the black market. In April 2024, a man who made £178,000 running vehicle 'chop shop' was ordered to pay back £11,255. The most effective way to safeguard your car from thieves is to keep it hidden from view. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here However, even if you've been targeted, there are still measures you can take to deter an ongoing theft or potentially recover your stolen parts afterwards. Always park your car in a secure area, even for brief periods. For longer stays, private car parks and garages are the safest options as they typically feature locks and CCTV or other security measures. If these aren't accessible, then a well-lit area with high foot traffic may serve as a sufficient deterrent. Given that many of the stolen parts are from the front of the vehicle, it could be beneficial to park facing a wall where possible to make theft more challenging, reports Birmingham Live. Always ensure that your vehicle is locked and take your keys with you - not only is this safer, but many car insurance policies won't pay out if you haven't properly secured your car. While it's unlikely you'll recover your parts if they are stolen, marking them can aid the police in identification, potentially enabling you to retrieve your stolen parts. In some instances, marked parts can deter thieves who may be hesitant to steal a part that can be traced. Buyers of these parts might also recognise they have been stolen if they're marked, and could be more inclined to contact the police. Mark Barclay, Head of Ecommerce at My Motor World, remarks: "Like grand theft auto, car cannibalism is another big worry for car owners. "Because the parts that are stolen are so hard to retrieve and are of comparatively little value, it's very unlikely you'll get them back. Taking precautions against theft and ensuring you have insurance are the best ways to protect your car from cannibalism. "You may find it useful to keep a supply of spares in your home or a secure garage, particularly for parts like lights. Article continues below "If your vehicle is cannibalised, you can then quickly install a new part and be back on the road in no time."
Business Mayor
01-05-2025
- Business
- Business Mayor
This lesser-known 401(k) feature can kick-start your tax-free retirement savings
Don Mason | The Image Bank | Getty Images If you're eager to increase your retirement savings, a lesser-known 401(k) feature could significantly boost your nest egg, financial advisors say. For 2025, you can defer up to $23,500 into your 401(k), plus an extra $7,500 in 'catch-up contributions' if you're age 50 and older. That catch-up contribution jumps to $11,250 for investors age 60 to 63. Some plans offer after-tax 401(k) contributions on top of those caps. For 2025, the max 401(k) limit is $70,000, which includes employee deferrals, after-tax contributions, company matches, profit-sharing and other deposits. If you can afford to do this, 'it's an amazing outcome,' said certified financial planner Dan Galli, owner of Daniel J. Galli & Associates in Norwell, Massachusetts. Here's a look at other stories impacting the financial advisor business. 'Sometimes, people don't believe it's real,' he said, because you can automatically contribute and then convert the funds to 'turn it into tax-free income.' However, many plans still don't offer the feature. In 2023, only 22% of employer plans offered after-tax 401(k) contributions, according to the latest data from Vanguard's How America Saves report. It's most common in larger plans. Even when it's available, employee participation remains low. Only 9% of investors with access leveraged the feature in 2023, the same Vanguard report found. That's down slightly from 10% in 2022. How to start tax-free growth After-tax and Roth contributions both begin with after-tax 401(k) deposits. But there's a key difference: the taxes on future growth. Roth money grows tax-free, which means future withdrawals aren't subject to taxes. To compare, after-tax deposits grow tax-deferred, meaning your returns incur regular income taxes when withdrawn. That's why it's important to convert after-tax funds to Roth periodically, experts say. 'The longer you leave those after-tax dollars in there, the more tax liability there will be,' Galli said. But the conversion process is 'unique to each plan.' Often, you'll need to request the transfer, which could be limited to monthly or quarterly transactions, whereas the best plans convert to Roth automatically, he said. Focus on regular 401(k) deferrals first Before making after-tax 401(k) contributions, you should focus on maxing out regular pre-tax or Roth 401(k) deferrals to capture your employer match, said CFP Ashton Lawrence at Mariner Wealth Advisors in Greenville, South Carolina. After that, cash flow permitting, you could 'start filling up the after-tax bucket,' depending on your goals, he said. 'In my opinion, every dollar needs to find a home.' In 2023, only 14% of employees maxed out their 401(k) plan, according to the Vanguard report. For plans offering catch-up contributions, only 15% of employees participated.
