Permanent magnets containing rare earth elements (REEs) such as Dysprosium and Neodymium offer an advantage over non-REE containing magnets (e.g., ferrite and AlNiCo) in terms of power relative to size. However, REE availability has varied significantly in recent years leading to volatility in the cost of rare earth permanent magnets (REPMs). The supply of REEs can be increased by recycling consumer products and industrial machinery that contain REPMs at product end-of-life (EOL). This paper discusses the REE recovery process for EOL products. The optimal dismantling of products is examined with an emphasis placed on obtaining used REPMs. The challenge of collecting, managing, transporting, and processing used products is addressed through the development of a cost model for REPM recovery. This model is used to investigate several EOL strategies for recovering REPMs. Sensitivity analysis is conducted to identify the key factors that influence value recovery economics. A hard disk drive serves as a case study for model demonstration.