Now that the PS5 Pro has been revealed and the release date has been set, you might think that the PS5 (currently in the Slim version) and the digital version will drop in price.
This November, the PS5 – and indeed its contemporary the Xbox Series X – will reach its fourth year around the sun. That’s not old in gaming console terms, but it’s not young either; we’re likely well into the middle of the generation. But over the past four years, we haven’t seen the PS5 drop in standard retail price. In fact, quite the opposite.
Even after the PS5 Slim was introduced, the console didn’t get a price cut, unlike similar models in the PS4 era. The PS4 Pro launched at a price of $399 / £349 / AU$560, the same price as the launch PS4, and the original console was repackaged as a PS4 Slim and came in at 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 graphical power for less. But that was 2016, and times were very different.
In late 2020, the massive demand for the PS5 was further exacerbated by people being forced to stay indoors due to the coronavirus pandemic. Demand was also fueled by Sony’s struggle to produce enough units due to COVID-19 restrictions and the impact that had on production. I remember seeing ridiculous prices from scammers and resellers.
So there was no price drop in the cards during those dark years. Then came the blow of a price hike in certain regions: the US escaped one, but in the UK and Australia the price jumped from £449.99 / AU$749.95 to £479.99 / AU$799.95. In fact, in Japan the PS5 has three price increases since 2020.
Considering the PS5 game library likely hasn’t expanded as quickly as the previous generation, and countless cross-gen games were released in the PS5’s early days, this price hike was painful.
And I don’t think that pain will go away.
Don’t expect a big price drop for the PS5
Instead, we’re now in a sort of “new normal” for consoles, games and other consumer electronics, which are now more expensive than ever and likely to rise faster than inflation.
The PS5 Pro’s price is testament to that. It’s open to debate, but Sony is asking a lot for a machine that isn’t 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 much more open gaming experience.
I also think the PS5 Pro is aimed at ‘serious’ gamers and PlayStation enthusiasts who want the very best framerates and graphics from consoles, and those who want the most performant version of their platform of choice. Think people who have a setup with some of the best OLED TVs and the best soundbars and want a powerful console to be the heart of their gaming.
But I don’t see the PS5 dropping in price as a result of the Pro, especially given the price difference between the PS5 and the Pro, and who the latter is apparently aimed at. Sony doesn’t need to, since there’s still healthy demand for the PS5.
So is it all doom and gloom for people looking for a discounted PS5? Well, not quite.
You can save a lot of money on bundles
Having followed this generation of consoles for the past few years, I expect we’ll see deals, offers, and discounts on PS5 bundles.
These could mean healthy price cuts for sales events like Black Friday and Cyber Monday, especially if retailers like Best Buy and Currys are looking to clear out bundles with older games. Check out the widget below, which highlights the best PS5 deals in your area.
I’ve also seen the PS5 get the occasional $50 / £50 discount, so I’d expect that discount to continue, perhaps becoming a little more generous and increased to $100 / £100 / AU$150, especially as we approach the Black Friday PS5 deals in November.
Still, I fear the days when you could pick up a PlayStation for a few hundred dollars or pounds more are over.
That’s a shame, but based on my time with the PS5 I still think it’s a great console with a strong library, healthy back catalogue, slick UI, and an excellent, innovative controller that all make it worth the price. So if you want one, don’t worry too much about the deals and just grab a PS5 – I doubt you’ll be disappointed.