How To Make Money From Scrap Metal

The saying goes that one man’s trash is another man’s treasure, and
this is a phrase which is particularly true in the world of scrap metal.
Everything from unwanted washing machines to car parts can be scrapped, reused
and recycled, and there is some serious money to be made from the practice.

Whether you are looking to make a living, or just curious after seeing
current scrap catalytic converter prices and pictures, here
is our guide to making cash from other peoples cast-offs!

Know
Your Stuff

Not all scrap metal is created equal, and it is a good idea to have a
solid understanding of the value before you get started. This will help you to
avoid wasting time on materials which will not net you a profit, and even to
specialize in a particular area.

 On average, most scrapyards
will pay around $190-200 per ton of ferrous metals, and this is a price which
changes daily according to global supply and demand. The most popular metals
and average prices are: 

  • -Ferrous
    metal
    – the most common type of scrap metal and usually pays around 10
    cents a pound, or $10 per 100 pounds.
  • -Bare
    copper
    – found in wiring and similar items, this pays around $2.85 per
    pound. If the copper still has a shield, such as a power cord, you can expect
    to receive a percentage of this amount – usually around 60 percent of the
    weight.
  • -Aluminum
    Around 50 cents per pound and most commonly found in patio furniture and old
    widows.

As well as the metal itself, you can also make money from household
appliances. Again, the price offered will depend mainly on weight, and examples
include:

  • -Washing
    machine
    – average weight around 200 lbs, this could net you around $20
  • -Dryer
    – average weight 100 lbs, you could get around $10
  • -Cast
    iron bathtub
    – any weight over 300 lbs could earn you
    between $30 – $40

Remember that as a general rule, older appliances will weigh more and
so could earn you a higher amount.

Be
Prepared

It is essential to have the right equipment to transport scrap metal. It can be a rough material which can cause damage to vehicles such as trucks. Instead, opt for a ramp and utility trailer which is sturdy. Make sure your vehicle is large enough to handle appliances such as freezers and refrigerators—you don’t want to miss out on bargains! Also do some research as there are some organizations that can collect even scrap cars for free.

Check
For Freebies

You would be surprised at the amount of free scrap metal just waiting
to be claimed. Search on sites such as craigslist for people who are asking for
their stuff to be removed. Move fast though—there tends to be a lot of competition!

You can also get to know maintenance staff for apartment buildings or
businesses as getting them onside could mean you are the first call they make
when they have metal to shift. Be polite, professional, and reliable, and you
could earn yourself a glowing reputation within the industry and build up a
network of contacts.

Adam Hansen
 

Adam is a part time journalist, entrepreneur, investor and father.