Quick Tips
PlayStation Prices Are Going Up — So What’s Next?
Even as inflation pushes up prices on a number of household items, when you zoom out, we usually see electronics get more affordable. For example, can you believe that you can now get an HD, flat-screen 60″ television for a few hundred dollars? Similarly, when it comes to video gaming consoles, after a few years, brands tend to drop the manufacturer’s suggested retail price (MSRP) to attract more buyers. Yet, the opposite is happening right now.
Today, Sony announced that it was hiking prices for its popular PlayStation 5 console. Both the regular model and digital edition will rise by $100, with new retail prices of $649.99 and $599.99, respectively. Meanwhile, the PS5 Pro will rise $150 to sell for $899.99. Additionally, the PlayStation Portal remote player will see a $50 increase to $249.99.
The good news is that these new MSRPs won’t officially go into effect until April 2. That means, if you’re in the market for a last-second splurge, you may be able to find a console at the old price. In fact, that’s exactly what I did as my wife has been eyeing a PlayStation Portal ever since she got our PS5 as a Christmas present last year. Thankfully, I was able to go on Amazon and snag it for the current $200 instead of $250 (although ask me again in November if that was still a good deal).
Also, if all you can get your hands on now is the digital edition, but you want a disc drive for the console, you can purchase that separately. I can tell you from experience that installing the drive is extremely easy, even for someone like me. Granted, the drives are $80, so it’s cheaper to just get the regular edition now. But, with no word of this accessory going up in price, buying a digital edition now and adding a drive later would still save you money over the updated PS5 prices.
As for why this is happening, in a statement, Sony said, “With continued pressures in the global economic landscape, we’ve made the decision to increase the prices of PS5, PS5 Pro, and PlayStation Portal remote player globally.” That’s pretty vague… but it’s pretty safe to assume that challenges such as tariffs and a RAM shortage are helping drive up costs. Also, if you were wondering, this is already the second time prices for the PS5 have gone up, with the previous hike coming last August. Mind you, this second price increase is coming more than five years after the PlayStation 5’s release — which is usually when you’d expect prices to be moving in the other direction.
Unfortunately for consumers, this trend is unlikely to stop with the PlayStation. As mentioned, a RAM shortage means that prices for several devices could continue to go up — even more than regular inflation.
The good news is that Sony PlayStations aren’t the most essential purchase you could make right now. Still, this update does seem indicative of the current landscape and signals that similar pricing decisions could be coming down the pike. In other words, you might want to take good care of the tech you have because replacing it could get pretty expensive in the short term.
Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. (Note: advertising relationships do not have any influence on editorial content. Advertising compensation allows Money@30 to provide quality content for free. All editorial opinions are those of Kyle Burbank.)
Quick TipsYou may already know that Credit Utilization is the second-largest factor FICO considers when determining your credit score. Specifically, it makes up 30% of your score, topped only by Payment History at 35%. But what does that look like in practice? Well, I recently got the "opportunity" to see firsthand. In April, I elected to...
Travel Product ReviewsAs I've mentioned more than a few times before, after purchasing a pair of water-resistant Allbirds Runner-Up Mizzles a few years back, they quickly became my go-to travel shoe. That's because they're not only comfortable but also help protect my feet from wet weather while on the road (there are few things I hate more...
Quick TipsWelcome back to another Quick Tip — and the latest edition of our occasional, unofficial series Things Kyle Wants to Buy. When I returned from my most recent trip, for some reason, I had hardshell luggage on my mind. That's strange because my current soft-sided luggage has served me well and, moreover, I've traditionally not...