Catalytic converter theft in my area is pretty bad so I installed a Talons Garage transmission /Catalytic Converter Skidplate to protect my T4R-
Toyota 4Runner | Transmission & Cat Shield | 1996-2002
– Talons Garage
I bought the steel version and installation was easy.
It protects the forward area of the cat so that they can't cut off that end. I may install a DIY extension with steel mesh to stop a thief from mistakenly cutting the other end.
Another option is buying their transfer case skidplate.
A few pics -
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1998 SR5 - 5 speed w/ 4.30 E-locker
My 1998 SR5 Build Thread