How to Make Money from Scrap Metal
As we’re all currently working to navigate the global cost-of-living crisis, many of us are looking for ways to be more entrepreneurial and make extra cash. One way to achieve this is by trading in scrap metal, which isn’t only good for our pockets, but the environment, too.
If you have aluminum box sections of all sizes lying around, you could be sitting on a gold mine (or an aluminum one). Despite this, certain practices need to be followed to ensure you get the most money for your scrap metal, as detailed below.
Scrap Nonferrous Metals
Firstly, nonferrous metals are harder to get your hands on than ferrous metals, making them more valuable in the scrapping world. Household appliances, such as refrigerators, AC units, washing machines, and microwaves, all contain ferrous metals. Nonferrous metals, though, including brass, copper, and aluminum, can scrap for anywhere from 30 cents to $2 per pound. Aluminum is the least valuable of the bunch, whereas copper is the most expensive.
Copper tubing can be found in plumbing work and structures of houses and buildings. Brass can be found in bullet casings, castings, rods, and pipe fittings. Aluminum can be found in wires, car rims, car parts, gutters, frames, and house sidings.
Arrange Collections for Substantial Amounts
When it comes to scrapping metal, you’re not actually required to visit the scrap yard yourself. Instead, you can arrange for large amounts to be collected from you. Simply contact a Scrap Car Cardiff company, or any similar company in your area, and ask them to collect the scrap. This means you can streamline the process, as it’s likely that a scrap metal business will have a large vehicle than you.
This means you’ll be able to get rid of more scrap metal at one time, allowing you to get a bigger pay-out for your materials. This will also save the fuel costs of having to repeatedly make your own way to the scrap yard.
Enquire About Whether It Needs to be Cleaned
Some pieces of scrap metal will be worth more money if they’re clean. To that avail, you should always contact the scrap yard ahead of paying them a visit to find out if it’s worth cleaning your metal. This could help you maximize your profit, as cleaning the metal means that the scrap yard workers have to spend less time on your metal. This means they’ll be able to give you more money for what you’re offering, as the labor costs will be reduced. All in all, the easier it is for the scrap yard, the more money you’ll be able to make.
Wait Until You Have a Substantial Amount
Trading in small amounts of different types of metals will take a substantial amount of time to separate and weigh, meaning it may be in your best interest to wait until you have a substantial amount of each metal to cut down on time wasting.
Despite this, you need to be careful about holding onto metal too long and it losing its value. It’s about finding the right balance when it comes to waiting it out to maximize the profit that can be made from your scrap metal.
Sort Your Metal Ahead of Arrival at the Scrap Yard
Last but not least, you should sort your scrap metal before taking it to the scrap yard. As previously mentioned, the easier it is for the scrap yard to process your metal, the better your profit will be. Sorting the metal yourself reduces labor costs and allows you to gain as much money as possible. You can make this easier for yourself by sorting as you go, so you’re not faced with a mountain of metal.
