Families can make a mint on unwanted tech — but selling to the wrong firm could return just a third of the cash

FAMILIES cashing in on unwanted phones and gadgets might pocket only a third of their value if they sell them to the wrong firm.

Brits are sitting on a goldmine of 40million unused phones, laptops, tablets and games consoles.

The Royal Society of Chemistry warned key components for these devices are made with “rare elements” that are set to run out.

It is urging families to recycle gadgets so these materials can be extracted — or sell or donate usable devices.

Half of UK homes had at least one unused electronic device and 45 per cent of households had up to five, a survey of 2,000 people for the society found.

Here is how you can go about recycling electronics.

Delete everything from your tech before you sell it — including the likes of emails, photos and stored credit card detailsCredit: Getty – Contributor

WIPE: Delete all your personal information by resetting the device. This means photographs, emails, log-ins and credit card details often stored on smartphones will not get into the hands of crooks.

RECYCLE: Don’t just put gadgets in the bin. It means precious metals are lost — as well as clogging up landfill. Most council-run recycling centres will take small gadgets.

Go to recyclenow.com/what-to-do-with to find out how to recycle gadgets and other stuff.

SELL TO A BUYING SITE: Second-hand gadgets are a huge market these days, with lots of us keen to save money on an iPhone or Xbox by buying an old one.

On the High Street, CEX will buy them there and then for a set price — after making sure they work, that is.

Online, firms such as Music Magpie offer to buy them.

Second-hand gadgets are a huge market these days, with lots of us keen to save money on an iPhone or Xbox by buying an old oneCredit: Alamy

COMPARE PRICES

They give you a rough price and then you send it in — though they might lower the price having seen it, such as if there are more scratches than declared.

But prices can vary. Sites such as Compare And Recycle or Sell My Mobile compare prices across different sites. See our graphic for how prices vary by as much as £120 across popular phones, tablets and smartwatches on Compare And Recycle.

Interestingly, a firm called MC Recycle that offered a great price for an iPhone offered one of the lowest for a Samsung.

Leading brands such as Apple hold their value more — and lots of firms offer to buy them.

Others like Huawei have not held resale values as well.

Prices correct as of August 22.

Vintage gadgets such as the Sony Walkman are highly sought afterCredit: Alamy

SELL THEM YOURSELF: Avoid the middleman and sell them direct on eBay, Facebook or at a local car boot sale.

It can take longer and may not earn you loads more on a bog- standard smartphone. But it can really boost the price for a good-as-new iPhone or retro gear like a classic Nokia from 2000 or a games console.

Early iPods, Sony Walkmans and Super Nintendos are sought after.

The latter can go for £50 to £125 on eBay but CEX will only pay £31. An old Nokia 3310 mobile can go for £25 to £50 on eBay but resellers will pay £2 to £5.