With the reveal of the PS5 Pro and its slated release date, you may be thinking the PS5 (now in its Slim form), along with the digital-only version, is poised for a price cut.
This November will see the PS5 — and indeed its contemporary the Xbox Series X — reach its fourth year around the Sun. That’s not old in gaming console terms, but it’s not young either; we’re arguably right on the mid-generation point. But through the past quartet of years, we’ve not seen the PS5 drop in standard retail price. In fact, quite the opposite.
Even after the introduction of the PS5 Slim, the console didn’t get a price cut, unlike similar models in the PS4 era. The PS4 Pro was launched at a price of $399 / £349 / AU$560, the same price as the launch PS4, and the original console was repackaged into a PS4 Slim and came with a reduced price of $299 / £259 / AU$560. So there was a choice of more power for the original price of a PS4, or the same graphics grunt for less. But that was back in 2016, and times were rather different.
Skip to late 2020, and the vast demand for PS5 was compounded by people being stuck inside due to the coronavirus pandemic, and catalyzed by Sony struggling to make enough units due to COVID-19 restrictions and their effect on manufacturing — I remember seeing some ridiculous prices set by scalpers and resellers.
So no price cut was on the cards during those dark years. Then came the sucker punch of a price rise in select regions: the U.S. avoided one, but in the UK and Australia the price jumped from £449.99 / AU$749.95 to £479.99 / AU$799.95. Heck, in Japan the PS5 has seen three price rises since 2020.
Given the PS5 games library has arguably not expanded as rapidly as the previous generation’s and the myriad cross-gen games that were released well into the PS5’s current lifespan, this price jump stung.
And I don’t think that sting is going away.
Don’t expect a big PS5 price cut
Rather we’re now in a sort of ‘new normal’ for consoles, games, and other consumer electronics that are now more expensive than ever and likely outpacing inflation.
The pricing of the PS5 Pro is evidence of that. It’s open to debate but Sony is asking a lot for a machine that’s not a next-gen console. The PS5 Pro pre-order price of $699.99 / £699.99 / AU$1,200 is around the price of an entry-level gaming PC, which offers a far more open gaming experience.
Equally, I think the PS5 Pro is aimed at ‘serious’ gaming and PlayStation enthusiasts who want the very best frame rates and graphics from consoles and those who want the most performant version of the platform of their choice. Think of people who’ve got setups with some of the best OLED TVs and best soundbars and want a powerful console as the gaming heart.
But I don’t see the PS5 dropping in price as a result of the Pro, especially given the price gap between it and the Pro, and who the latter is seemingly aimed at. Equally, Sony arguably doesn’t need to, as there’s still a healthy appetite for the PS5.
So is it all doom and gloom for people after a discount PS5? Well, not quite.
You could save a bundle on bundles
Having covered this generation of consoles for the past few years, I think we’ll see deals, offers, and discounts on PS5 bundles.
These could see healthy cuts in prices for sales events like Black Friday and Cyber Monday, especially if retailers like Best Buy and Currys want to clear out bundles with older games. Take a look at the widget below that’ll flag the best PS5 deals in your area.
Equally, I’ve seen the PS5 occasionally get a $50/£50 discount. So I fully expect those to continue, maybe getting a little more generous and upping that to some $100 / £100 / AU$150, especially as we approach the Black Friday PS5 deals in November.
Yet I’m afraid the days of scoring a PlayStation for a couple of hundred dollars or pounds deeper into its lifecycle are over.
That’s a shame, but from my time with the PS5, I still think it’s a great console with a strong library, healthy back catalog, a slick interface, and a great and innovative controller that all make it worth the price. So if you’re after one, don’t fret too much about the deals and just grab a PS5 — I doubt you’ll be disappointed.