Fins are widely used thermal elements that help transport heat away from a hot surface by increasing the surface area and volume of cooling fluid that flows through them. The functional material selected for these elements is critical for accomplishing efficient heat removal at a low cost. Fin profile, material properties, surface properties, raw material cost, and manufacturing cost are decisive in selecting competitive materials from a holistic perspective. This study has presented two novel material indices for effectively selecting fin and contact heat sink materials. A guiding methodology has been proposed involving both material cost and applicable manufacturing processes for candidate materials. A cost model is proposed to compare manufacturing processes, and production characteristics for varying fin profiles are also investigated. Results show that although die casting is the most economical process among all processes and can produce almost any fin shape, hot forming processes like extrusion and forging allow implementing fin materials with 90.2-98.1% higher thermal conductivity. Beryllia alloys and aluminum nitrides with relatively higher thermal conductivity, ranging between 60-330 W/m center dot degrees C, are preferable for contact heat sinks.