Selling scrap metal is an excellent way to earn some extra cash. Additionally, recycling these materials is great for the environment!
However, to make the most money possible when selling your scrap metal, it’s important to follow these tips and tricks. This includes using a magnet to separate ferrous from non-ferrous metals, stripping copper wires, and avoiding contaminants.
Know Your Metal
Many common household items contain valuable metals that can be sold for scrap. Examine copper wiring, aluminum cans, vehicle frames, hubcaps, beer kegs, and old pipes. You can also find metals at yard/estate sales, home foreclosure sales, and other private events.
Learning what metals are more valuable than others is important because different types of metals command varying prices. Generally, non-ferrous metals (those that do not stick to magnets) fetch higher prices than ferrous metals.
Identifying the most valuable metals can help you decide what to spend more time collecting + sourcing. Knowing what to focus on can save you time and energy, allowing you to cash in more frequently and at the best possible rates. Ultimately, this can be the difference between a good and great payday. This is particularly true if you can strip the metal down, as most scrap dealers will pay more for clean, rust-free material.
Know Your Dealer
If you want to maximize your profits when selling scrap metal, you must know your scrap metal dealers NJ. Unlicensed scrap buyers may tamper with your material or undercut prices. They also pose a risk to the environment and could have unclean practices. Find a reputable, well-established scrap yard.
Keep in mind that metals can be contaminated with non-metallic materials. For example, copper wiring with insulating material in place will be worth less than the equivalent amount of pure copper. Remove these contaminants to maximize your earnings.
It would help if you also familiarize yourself with the current price of each metal. This information can help you decide which items to collect and when. If you’re knowledgeable enough, selling scrap can be a profitable full-time job. For instance, one Side Hustle Show guest makes a living by collecting and selling catalytic converters. This requires much work and research but can pay off in the long run.
Sort Your Metal
Recycling and selling scrap metal is an excellent way to make some extra money and help the environment. However, it’s essential to sort your metal first so that you can sell it for the most money possible. This means using separate bins for each type of metal and separating ferrous and non-ferrous metals. This will allow you to take your scrap metal to the highest-paying dealer.
Ferrous metals include iron and steel, while non-ferrous metals include aluminum, copper, and brass. You can easily test whether a piece of metal is ferrous or not by sticking it to a magnet; if it sticks, it’s a ferrous metal.
It’s also important to check market prices regularly. If the price is low, it may be worth waiting to cash in until the prices rise again. You can keep track of metal prices online to see if there’s a good time to sell. This will save you both time and money.
Take Your Time
Selling scrap metal can be a profitable full-time business for those who know how to do it right. By separating your materials into ferrous and non-ferrous, testing your items with a magnet to determine their type, and regularly working with the same scrap yard (building a rapport can make you a better seller), you can maximize your earnings when selling to dealers.
Check local classifieds and social media to find people moving or cleaning out their garages who may be giving away large collections of items free to the first takers. Many of these items are made from metal and include refrigerators, freezers, washing machines, stoves, and other appliances. Look for Christmas lights too, which have wiring that many scrap yards buy.
Weigh your materials at home before you bring them to the scrapyard. This allows you to compare the scrapyard’s price with what you’d expect to pay for your material based on market prices.