You’re striving to make a few bucks selling scrap metal, but for some reason, it’s not paying off. Over time, you’re convinced you’re not getting a high enough return for your salvaged scrap metal. But, you can’t crack the case. What are you doing wrong? Why are you selling your scrap metal for such a low price?
Many factors influence your paycheck when you sell scrap metal. To determine why you’re selling at a low price, you’ll have to consider various possible reasons. Here are 5 common reasons you might not be fetching a good price for your scrap metal:
You’re In a Hurry
If you stick to a strict timeline when selling your scrap metal, you could miss important opportunities. Take some time to evaluate the market before making your sale. Waiting a few weeks or months could really make a difference in market conditions, helping you earn much more cash for the same amount of scrap metal. So, do your best to learn about scrap metal markets and keep up to date with trends. This will help you make better decisions.
Also, invest in enough space so that you’re never forced to sell because you have nowhere to store your scrap metal. The last thing you want is to have your hand forced by the situation when you sell.
You’re Using the Wrong Recycling Firm
Some recycling firms try to take advantage of uninformed clients by purchasing at low prices. This happens especially during recessions when some companies use the economy as an excuse to lower their purchase prices. Seek out reputable recycling firms located in optimal suburban areas. Suburban centers are ideal because rents aren’t too high, as they often are in urban centers, and transportation costs are reasonable.
You Don’t Know Market Scrap Metal Prices
Don’t take your scrap metal dealer’s word for it, do your own research. If you rely on the recycling firms as your source of information on scrap metal prices, the dealer can dupe you.
Instead, do some research. Aggregate market prices give you a general idea of pricing for specific types of metal across the country. While it won’t give you an amount to the cent that you can expect, it will give you a general idea of what price to expect for different types of scrap metal. By doing a bit of research, you can sell with confidence, knowing that your dealer is offering a reasonable price. Or, you can look for a new recycling firm if prices aren’t fair.
How can you find up to date scrap metal prices? There are many sources, but one of the best resources is the American Metal Market.
You Don’t Seek Good Customer Service
Find a recycling company that values you as a client. Excellent customer service can go a long way for navigating a misunderstanding. Besides, good customer service is usually indicative of a company that values clients which translates into fair prices.
Many recycling companies value the important role that clients play in supplying them with quality scrap metal. These are the companies you want to work with. You can find them when you look for friendly customer service.
You’re Offering a Mixed Bag
Do you sort and clean your scrap metal when you take your scrap metal in or have it picked up? If not, you could be missing out big time. Some scrap metals are worth more than others. For example, copper is worth a lot more than aluminum. When you sell scrap metals as a mix, the metals are typically worth less than if you separate them out.
That’s because then, the recycling company has to spend time sorting the metals.
Selling scrap metal can really pay off when you do your homework on the markets and pricing and make sure you’re selling to the right metal company. Once you find a reputable recycler, a lot of your struggles to get paid a fair price will be resolved. So, add some patience to your plan, clean up and sort your metal and find an excellent customer service-friendly recycling company.
Following these tips will help you learn more about the scrap metal market. The more you know, the better you’ll be able to navigate the market and get the best prices.