If you want to make money from scrap metal recycling, the iScrap App is the best place and tool to check out. The iScrap App is a directory of scrap yards throughout the US & Canada and provides users with business information for scrap yards in their area including scrap prices, containers for large jobs, hours of operation, and other detailed information. The iScrap App was created by a scrap yard owner to help customers and scrap yards stay more connected even after hours. Since it was launched in 2011, the iScrap App has been helping scrappers and recyclers by giving tips on making more money on scrap metal.
Recycling scrap metal is not only great for the environment, but it is also great for your wallet. Scrap metal commodities are sought-after materials to help put back into the industries and market as new products. By recycling metals, companies can produce new products from recycled metal rather than mining for raw materials. Because there is a limited supply of metals on the earth, recycling your metals with your local scrap yard is an essential step in helping boost the economy with new products. If you want to get started with the basics of scrapping, you are in the right spot. The iScrap App team can provide you with some of the best ways to make money scrapping while doing your part to help the environment.
Best Ways To Make Money Scrapping
Whether you are looking to make scrapping a free-time hobby or you are looking to make some serious part-time or full-time cash from it, below we list some of the most common ways to make money scrapping.
Copper Is Your New Best Friend
Most already know that copper is a higher-priced commodity, so be on the lookout for it. Copper comes in many different shapes and sizes. Remember, copper is a great metal for conducting electricity, so any items or materials that you may come across with an electric current most likely have copper. Some common items you may want to look for that contain copper are:
- Computers – There are a lot of wires inside those desktop computer towers, so be sure to rip those copper wires out and place them in your insulated wire pile.
- Electric Motors – Come in all sizes, from microwaves, fans, power tools, and lawnmowers. The copper windings inside can be removed if you want to crack open the steel casing.
- Water Pipes – If you are renovating your home or helping a friend with some contractor work, collect scrap copper pipes from the location. *Bonus* they have Brass fittings that can be removed.
- Household Wires – Electronics like TVs, refrigerators, and other appliances with plug wires can be snipped off and scrapped as an Insulated Copper Wire price.
Ask Your Friends, Family, & Everyone Else For Scrap
If you are hauling material for scrap, it pays to ask your friends or family about anything they are looking to get rid of. Some people don’t realize that items like gym weights, sheds, snow blowers, or old appliances are worth money in scrap metal. Offer to take it for free, or you can give them a cut of the money. If you are collecting appliances from them, be sure to take out the sealed units and copper from them before scrapping them with the ferrous pile.
The Ferrous Metals Can Have Some Fury
If you are looking to get some good weight and hauls loaded up into your truck, look for ferrous materials that will give you some good weight. Ferrous metals and Light Iron items like dryers, washers, dishwashers, and refrigerators are always some good places to start. Remember that scrap yards usually buy steel and light metal by the metric ton, so make sure you collect a lot and have it ready to haul.
Remember, Timing Is Everything
If you are scrapping on a tight timeline and you only have a few hours here and there, it is essential to budget your time like your checkbook. Suppose you find that are picking up a lot of materials and items that require a good portion of time to take them apart for the best money; then you may be wasting time. If you are looking for a quick haul and want to be able to collect some materials and bring them to your yard without a lot of work in between, there are some items you may not want to bother with.
Don’t Bother With:
- Heavy Plastic Items – If you find you are collecting a lot of items with a lot of plastic, you may not want to spend time on them if you don’t have the time—some items like fans, fax machines, printers, keyboards, and others.
- Requiring Heavy Separation – Some items are worth a good deal of money if you deal with them in bulk but require a reasonable amount of time to separate—some items like computer towers.
While some people may not have the time to take specific scrap items apart, some may have the time. If you have the time to take things like computer towers apart, it’s a good idea. Collect the various components inside to make the most of it.
Find Space to Store
Like the stock market, the scrap metal market constantly changes with high and low prices. It is essential to stay informed and have a backup plan. If you are collecting a lot of items and materials like computer tower components or steel, it’s essential to have space to store your materials. Some scrappers store their scrap for a month and then cash in at the end of the month, while others wait for stronger prices. Whichever you prefer, having a suitable space to store your materials is vital.
Cash In With The Market
We just mentioned that it is crucial to watch the market, and that contributes to making money with your scrap metal. If you want to cash in big, wait for the markets to get to a steady level. If you notice the market hasn’t been going up or down significantly in the last few weeks, it is probably a good idea to cash in. You can collect your scrap with confidence as the markets have remained stable.
If the market has been jumping up or down drastically in the last few weeks, be ready to move quickly. If you are watching the market and it suddenly jumps up, be ready to load up and haul your metal to your local scrap yard and cash in before the price drops. If the prices are dropping, be aware that they could drop again. You may want to cash in some metal now before they drop again.
What Are Your Best Tips For Making Money Scrapping? Let us know via our Facebook Group.