Should You Save or Cash in on Your Scrap Metal?

For years we’ve been asking our customers and iScrappers if we recommend saving materials Should You Save or Cash in on Your Scrap Metal? that’s an easy answer. No, we don’t. Hoarding is just another form of gambling, and gambling on things controlled by the world economic environment is a HARD thing to do.

Saving materials is always a challenge because there are so many questions to ask with it. There are so many correct answers that you need to figure out what is best for you and your situation. We’ve heard stories about guys saving their copper for retirement for years, we’ve heard stories about people turning the money into cash as soon as they got it. The correct answer is only what works for you – so let’s go over a few “right answers”.

How to Sell Scrap

Our answer is always no. Historically, scrap prices have been constantly moving. We do not recommend storing your scrap metal for various reasons, including theft, security, risk of losing money, and also running out of space to store it. If you like to gamble on the value of your scrap metal, you should hold on to your scrap and expect higher prices, knowing that there are no guarantees.

Should I Sell My Scrap Metal?

We almost always say yes, you should sell your scrap metal. Overall, we don’t recommend keeping the material for the reasons outlined above, but it’s also a safer game. Most scrapers with so much material do not have the safe space to save it. We always use the example, it is better to take your scrap in cash so that you can use the money to make more money.

I Keep Scrap, Where Do I Put It?

Do you have a large garage? A house in the middle of the forest? A house-sized safe to store your supplies? Frankly, the last one is probably a joke, but why would your material be vulnerable if you can’t protect it at the same time? We read a lot of news on the internet that the police were called to the houses where people’s scraps were stolen. It’s never a good feeling to have something stolen, and sometimes it’s not worth keeping if you don’t have a safe place to store your scraps.

I’m Withdrawing Money, What Do I Do With It?

Well, that’s not a proposition, it’s a question because so many people have different answers. While some can afford to have their scraps set aside for the holidays or for something special, others rely on scrapping to pay their bills and even be a part of their main life.

Figuring out what to do, where to go, and how quickly to sell you the supplies also depends on your financial situation. We know scrap prices vary, and you need to figure out what time is best for you and where to go that will pay you the best for your hard work.

Fort Knox or Fort Scrap?

Do you really have a great place to store supplies that you’ll never worry about anyone knowing about it? Are there cameras and lasers protecting it? Do you have a scrap dog (or cat) that can save your supplies? Most of the time the answer is no, because if you do, you’re probably on a different playing field than most scrapers. However, if you’ve stored it, you might want to really think about who you’re talking about about your scrap and all the hard work put into it.

Should You Save or Cash in on Your Scrap Metal? Let us know what you think and feel about different market scenarios and whether to save or not .