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I purchased a few toolboxes that work for my typical mode of transportation (motorcycle) but I'm not sure what to put down in them to magnetize my models. I've been told sheet metal works well and some places will cut it to size for you but I was hoping for something I could cut/size myself. I've always used foam so I have relatively little experience with this.

Also, is there a particular kind of glue that generally works best between the plastic of the toolbox and the material used as a magnetic surface?

You can buy cutters for the metal (and the metal sheets themselves) at lowes, essentially bigass scissors. You'll want to be wary of the sharp edges this creates though. Epoxy or superglue would work just fine for the bond.

So sheet metal is the best option? Do hardware stores usually sell it as sheets? I was only able to find...squares? online.

I use simple scissors and bought an empty large square tin container. Then cut the size I need and place the tin on the bottom of my box with double-sided adhesive tape. Afters just glue down magnets with superglue on the bottom of the bases

Depending on your budget and the models you intend to carry, you can find relatively cheap steel toolboxes at Walmart and such. I would estimate a box that's 18"L x 8"W x 8"D wouldn't be more than $20-25, at least from memory. I use an old surplus .50cal ammo can to transport around my Space Monkeys and it works perfectly with magnetized bases and it looks extra cool!

I have had some luck gluing down sheets of "refrigerator" style magnets. It isnt perfect, but works if the magnets in your minis are strong. I would test it out first. It can be bought cheap in letter paper size sheets usually. My friend saves his old tins from christmas style cookies and uses those (the big round ones)