The PS4 has already delighted fans with its price tag of £349 ($399 in the US), making it a fair chunk cheaper than the Xbox One. But it seems that Sony can't afford to cut the cost of its predecessor just yet.
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The PS3 currently starts at £140 for the lowest-end 12GB Slim model, with the US looking at around $260 for 250GB Slim.
As for those who already own Sony's current-gen console, the good news is that Gara said there's plenty of life in its blood to keep it ticking alongside the PS4.
"It will sit there as a viable entry-level machine for years to come," he said, adding that while the lifespan will vary by territory, "there's still a lot of love" for the console.
Always remember that plans change and we could still see a price slash soon after the PS4 arrives, as these things so often go.