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I just salvage everything with a Silver-Fed Salvage Kit (Gem Store) which is about the same as a Mystic Salvage Kit because I am lazy.
Use the cheap salvage kits for green & blue (white, fine and masterwork items) and save the mystic kit for Yellow, rare items or the orange ones (exotic stuff).
Get a copper-fed salvage o-matic soon as possible, it's permanent and you should salvage all your white, blue and green items with that. wait for a discount cuz right now the price is 800 gems (260 gold ouch).
If you are thinking about buying any of the Gem Store tools, only buy the Copper-Fed and use it, as Lord Cheetoz suggested, on white, blue and green items.
The Mystic Salvage Kit is much, much cheaper than the Silver-Fed, especially if you were to buy that with ingame gold.
But, if you don't want to spend your gold in the Gem Store, I think stick with the Basic Salvage Kit OR the Fine Salvage Kit for white, blue and green items, and use the Mystic Salvalge Kit on yellow items. If you get any exotics (orange) and you have no use for them, try to sell them first on the TP before salvaging them with the Mystic Kit. Might get more value out of them that way.
I personally dump my Exotic Weapons into the Mystic Forge if they would TP for less than 30silver (Not worth throwing armor in)
Here you go.
Also, if you are salvaging, always identify the gear first. If you are just salvaging unidentified gear outright, it is not worth it, either identify it or sell it on the TP.
The main advantages to salvaging are generating luck (increases magic find on your account when consumed), generating materials without going through the TP, and generating more value per item on average than the price of unIDs on the TP (although be aware that this depends on market forces, salvaging is not necessarily profitable). If you need luck or materials, I'd say you should salvage. If you you want to make money, it's by far simplest to just sell unIDs directly on the TP. If you're a spreadsheet warrior, nobody is stopping you but yourself, do your own math and call your own shots.
I do check the TP for Rare (yellow) and Exotic (orange) drops, however. There are probably more efficient ways to do it, but my benchmark for Rare gear is how much it's worth compared to a single Glob of Ectoplasm. Last I checked, that's currently around 14-15 silver, so my threshold for selling yellows is if they're worth about 18 silver or more (you can get anywhere from 0 to 3 Ectoplasm from one salvage when using a high-quality salvage kit such as Mystic or Silver-Fed). Exotics are a bit less consistent for me - I do tend to lean more heavily towards salvaging because I like hoarding mats, and there is also the bonus of unlocking their skins if you don't already have them.
This doesn't follow. You'd have to compare the value of the materials + how many rares you get vs. the TP price of unIDs. Selling unIDs on the TP is essentially just offloading the work of IDing and salvaging to someone else, and is at least good value for that trade-off if not better value depending on the state of the market. Blues and greens can just be overpriced, it doesn't really matter how common they are.
Especially for greens, the runecrafter salvage kit is pretty important for getting the maximum value out of salvaging them, and there's good odds this will improve their price on the TP beyond what you'd get from salvaging with either copper-fed or basic salvage kits.