Cloud services are increasingly seen as a flexible strategy for platform, infrastructure and software. Given the cloud’s claimed economic benefits archives and records professionals are now using cloud services for the storage of digital records and data. However, in determining whether or not to use the cloud for records and/or data storage, what models are available to them for estimating the cost and the medium to long-term financial implications for their organisations? This article identifies models available for estimating cloud storage costs and presents the results of an international survey into their use in the decision-making process with a series of real-use case examples illustrating their value. The study highlights a series of important implications for archivists and records managers. These include the importance and challenges of using the models, their lack of widespread use, their adequacy, and the multiple players who should be involved in their application and development. Archivists and records managers need greater awareness and understanding of the models so they can play a central role in the cloud storage decision-making process and in the development of more effective costing models.