How to Afford a PlayStation 5 on Release Day

The much anticipated PlayStation 5 is almost here. Scheduled for release at the end of the year, the hype for the console has gone into overdrive since Sony’s recent “future of gaming” presentation. This presentation not only revealed the PS5 design in all its glory, but it also showcased a wide variety of games that displayed the newfound power this next generation console possesses.

Yet the presentation missed off one important detail: the price of the PS5.

Rumors have been rampant about just how much the console will cost. According to Tech Radar, the price could be in the region of $499. Other sources say it could be a $100 or more than that figure. An all-digital version of the PS5 is releasing, which may help provide a more affordable option on launch day.

Ultimately, the PS5 isn’t going to be cheap, and a lot of gamers won’t have enough money lying around to make the purchase. Although with reports that PS5 stock will be limited initially, there’s added pressure on picking up the console upon release.

If you’re wondering how to afford a PlayStation 5 on release day, here are a few tips to consider:

Start saving now

If the PS5 is to release in late November, you have about five months to start saving. If you can put aside about $25-30 each week, you should possess enough spare money to purchase the console.

However, this is to only purchase the console. This isn’t factoring in games, an additional controller, other peripherals, etc. When you add these to the mix, you could be looking at an extra $200-300 onto the console’s price. As a result, you might have to save more than you expected on a weekly basis.

Get a loan

If you cannot save up the money – or you’re reading this in the future, and the PS5 is about to release – there is an alternative option to receiving the necessary funds: a loan.

In this case, small loans can be your friend. You can receive the necessary funds within an instant, and the application process is easy for everyone to follow. Just remember to only borrow money responsibly.

Trade or sell your PS4

If you currently own a PS4 and you’re willing to part with it to upgrade to the next generation, you can use it to fund your PS5.

One option would be to trade in your PS4. Video game retailers may present the opportunity for you to trade your old console, and they will partially reduce the price of the PS5. This could help to knock off, say, $100 from the total price depending on the model you own.

Alternatively, you can go the route of selling your PS4. This can be a particularly effective method if you also own a range of games and accessories. A large PS4 bundle will appeal to more gamers, and you’re likely to receive a decent sum of money as a result.

[notice type=”info”]Tip: try and sell your PS4 as soon as possible. More and more people will be listing their PS4 for sale as the PS5 release date closes in, and this means there will be less demand as the market saturates.[/notice]

Photos courtesy of gettyimages.com