How To Make Money Selling Scrap Metal
Collecting then selling scrap metal is one method of how you can earn extra cash. It even provides a worthwhile service to your local community. You can clear people’s land and sheds of unwanted appliances, help ecological initiatives by recycling valuable materials and you can get money for scrap metal.
Where To Scrap Metal For Money
It’s easy to find yards that purchase scrap metal by conducting a search online. You may even have more than one in your vicinity. Whenever you sell a batch of metal, check the prices being offered by different yards to ensure you’re paid the best price.
Scrap metal is bought in loads of at least one kilogram or pound. Some scrap yards offer a collection service but find out if it’s free otherwise your payment might be reduced.
How Much Money Can You Get For Scrap Metal?
Several factors affect exactly how much money for scrap metal is paid at any specific time. Metals are commodities that are subject to trading on the stock market. Manufacturing output can cause a sudden increase or decrease in the demand for particular metals. Prices can alter from one day to the next.
Learning to identify trends in the fluctuating prices of different metals can help determine when to sell your scrap metal to the best financial advantage. However, there is a general consensus regarding the value of the metals you’re likely to encounter.
You can be paid up to six times more for copper than aluminium. Stainless steel, brass and insulated copper are worth approximately one-third of copper’s value. Ferrous metals containing quantities of iron fetch the cheapest price.
For each pound, it will worth:
Ferrous metal – $0.10/lb
Bare Copper – $2.85/lb
Aluminum – $0.50/lb
Things You Can Scrap For Money
- Discarded kitchen appliances are some of the best items to scrap for money because they are readily available. Appliances are frequently replaced due to mechanical failure or because an improved version has been launched.
- A washing machine is worth twice as much as a cooker or refrigerator due to the greater amount of metal it contains. Older models have generally been manufactured with thicker metal.
- Some of the other best things to scrap for money include pipes and fittings used in plumbing and air conditioning on account of the high levels of copper they contain. Even toasters have copper wiring. Brass is an alloy of zinc and copper and is commonly used for pipes, valves, keys and door handles.
- Wheels and pipes are often made of lead, one of the heaviest metals. By contrast, aluminium is the lightest and most abundant metal which is used for many items including saucepans, bicycles, window frames and cars.
Average price for these items:
- Washing machines can earn you around $18-$22.
- Refrigerators can earn you around $16-18, depending on the kind.
- Ovens and ranges can earn you around $11-$18.
- Dryers can earn you around $8-$10.
- Cast iron bathtub can earn you around $30-$40.
- Gas BBQ can earn you around $16-20.
A Guide To Making Money By Selling Scrap Metal
- You’ll need a van or trailer to collect supplies of scrap metal. A second-hand truck in good working order is ideal.
- Scrap metal can be stored in your garage, a small factory unit or workshop.
- Ensure your premises are secure as thieves are aware of how much money can be made from selling scrap metal.
- A small magnet is invaluable when sorting the cheapest, magnetic ferrous metals from the non-ferrous.
- You can find a supply of scrap metal by touring the streets and asking at individual houses. However, to earn more cash you should establish a regular supply. You can deliver leaflets to hundreds of homes and place adverts in the local press.
- Approaching other businesses or blocks of flats can usually bring results particularly if you adopt a smart appearance to indicate how serious you are at collecting scrap metal on a regular basis. Your service can provide you with an income if you manage to locate regular supplies of scrap metal.
- Sorting your scrap metal is important. If you take a consignment of mixed metal you’ll be paid for the cheapest type.
- To gain a higher price, clean the metal by removing surface coatings, pieces of wood, plastic and other metals. Oil and fuel tanks must be emptied and cleaned.
- Transport your scrap metal to the scrap yard offering the best price. Payments are in cash although this can be dependant on where you live.