In normal times, console makers regularly cut the price of their latest hardware in order to boost sales and increase revenue. As the cost of manufacturing a new console comes down, they’d drop the price to reach consumers who might not have previously considered buying one. They certainly weren’t begging existing players to trade in their machines for big refunds.
But that’s basically what Sony was doing in a recent alert that went out to some current PS5 owners. The alert, titled “Trade in your PS5 console for up to $400,” went out on November 2, and a screenshot of it was shared on the gaming forum ResetEra. “Enjoy simple, hassle-free service if you choose to trade in with Back Market,” the announcement read. “If you’re ready to sell your console, you could soon receive a cash payment into your nominated bank account. Find out how much you could get today.”
The deal seemed surprisingly good, even if getting the full $400 did require sending in two DualSense controllers rather than just one. That’s the price the all-digital PS5 launched at in 2020. Instead of going down, the official price tag has ratcheted up to $600. Used PS5s sold on places like eBay are currently going for around $435. Rarely do you see third-party refurbishment offers get anywhere close to lone seller price.
Xbox has been similarly aggressive, pinging players who haven’t turned on their Xbox Series X/S consoles in a while with offers of up to $375 to trade them in. That’s one strategy for getting around dwindling supplies and getting existing hardware into the hands of people who will actually buy and play new games on it. In the lead-up to Grand Theft Auto 6, both companies have every incentive to bolster inventory and limit the number of consoles sitting out there in the wild that are just collecting dust.
And if you happen to be in the market to get rid of your PS5 Pro, well, you’re in luck. They’ve become so hard to get that GameStop is currently selling used ones for up to $1,400. Don’t trade it in to the meme stock store chain though, obviously. You can get a lot more if you just sell it direct.
