Join Date: Feb 2007
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The only way the code would be of use to a thief is if they either has a pysical copy of the key (without the electronics), or if they could open the door and defeat the steering/ignition lock (Which is probably trivial for a decent car thief).
Like you say, a good thief knows the ways around all of this but the immobiliser 'delays' them, it doesn't stop them. This would hlep them quite a lot.
Currently in Mike11's garage:
An LPG powered Ford Focus ST170.