While we don't know the cost of the PS5 or Xbox Series X yet, we do know that neither next-gen console is going to come cheap. Considering not everyone is going to have the estimated $499+ that the consoles are estimated to cost at launch, it could be worth holding out and picking up a second-hand PS5 or Xbox Series X further down the line.
But when should you do it? According to data collected by eBay, which has analyzed second-hand PlayStation and Xbox consoles sales figures from 2012 to 2014, those looking for a cheap PS5 or Xbox Series X could make a fair bit of savings by holding out a few months to buy a second-hand console.
According to sales data from eBay’s PlayStation page, the best time to buy a second-hand PS5 is around nine months after the console's release date. While we don't know the official PS5 release date, we do expect the console to release in November sometime, making August 2021 the best time to buy - if you can wait that long.
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But it could be worth it in the long run, with eBay estimating the PS5 price to have fallen by 35% by this time. So, if the PS5 is priced at $499, then in August 2021 we would expect it to cost around $325 (if we're rounding up) - saving you around $175.
According to sales data from eBay’s Xbox marketplace, those looking to pick up a second-hand Xbox Series X could see a similar price fall, but may have to wait a bit longer. eBay's data estimates that the ideal time to buy a second-hand Xbox Series X could be 12 months after the console's release in November, meaning you're best waiting until November 2021 to pick up a cheap Xbox Series X.
Again, it's estimated that by that time the Series X will have dropped in price by 35%, meaning you will save around $175 - if the new Xbox costs the estimated $499 we're expecting it to.
When to sell your old console
But what if you want to sell your old PS4 or Xbox One to upgrade to a next-gen console? According to the data, the best time to sell your PS4 or Xbox One will be the month of the next-gen consoles' release - likely November. After that, it's predicted that the price of these consoles will drop by 25%.
If you are looking to pick up a PS5 or Xbox Series X for cheap, it is worth noting that while we're expecting both consoles to likely release in November, we won't see them on sale during Black Friday and Cyber Monday.
However, if you're not fussed about the next generation quite yet and you're wanting to pick up a cheap PS4 or Xbox One, then Black Friday will be the best time to do so as we will see retailers shifting their old stock to make room for the new consoles.
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Vic is TechRadar Gaming's Associate Editor. An award-winning games journalist, Vic brings experience from IGN, Eurogamer and more to the TechRadar table. You may have even heard her on the radio or speaking on a panel. Not only is Vic passionate about games, but she's also an avid mental health advocate who has appeared on both panels and podcasts to discuss mental health awareness. Make sure to follow her on Twitter for more.