The PlayStation 5 Is About To Get A Major Price Increase — Here’s When And How Much

A man holding a dualsense controller in front of a tv screen. (Photo by Nikos Pekiaridis/NurPhoto via Getty Images)

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Over the course of video game history, more often than not the most expensive time to buy a system is when it first comes out. Early adopters pay a premium. After a year or so on the market, you start to see reasonable discounts at least during sales. Three or four years into a console’s lifecycle, it’s common now to see a refresh. Maybe PlayStation Slim or Pro, or and Xbox One X or a Nintendo Switch OLED. Prices on the launch models come down more while the brand new model releases at the original, higher price.

The current global economy has run havok with tech pricing norms. Now, it’s much harder to say whether a video game console will be more expensive at launch or not. The PlayStation 5 released in November of 2020 – nearly five years ago! – and now, almost half a decade into its lifecycle, Sony has announced price increases.

The prices for each PS5 model are increasing by $50. This is what that looks like:

• PlayStation 5 – $499.99 > $549.99
• PlayStation 5 Digital Edition – $449.99 > $499.99
• PlayStation 5 Pro – $699.99 > $749.99

The price hike is taking place Thursday, August 21st. This means you have today to get out and buy a console if you were hoping to get a PlayStation 5 at current prices. That’s not much warning from Sony.

“Similar to many global businesses, we continue to navigate a challenging economic environment,” the company said in a blog. “As a result, we’ve made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the U.S. starting on August 21.”

Sony did not go into detail for the reasons behind the price hike. Inflation, the ongoing trade war sparked by Trump’s tariffs, overall global economic uncertainty – take your pick. As of now, at least, PS5 accessory pricing remains unchanged. This is the opposite approach to Nintendo, which raised the cost of accessories but left the Nintendo Switch 2 price the same.