Sony Is Willing to Pay You up to $400 for Your PS5.
Companies usually want you to buy from them. They might lower prices to make their products more attractive, or introduce bonuses and upgrades to make fixed prices (or even price increases) more appealing. But I rarely see companies incentivizing customers to sell their products.
Sony wants you to sell your PS5.
That’s the situation with Sony and its PlayStation console . This week, the company began reaching out to some customers with an unusual offer : instead of buying a new PS5 or PS5 Pro, you can trade in your existing PS5 for up to $400. Of course, there are some stipulations: your console must be in working condition and apparently come with two controllers—though Sony only includes one. The price can also vary depending on the console model, storage capacity, and included accessories. Nevertheless, the company claims it will help you get up to $400 for your existing PS5.
This is a strange deal, especially considering who you’re trading your console with. Sony doesn’t necessarily accept consoles directly. Instead, it partners with BackMarket. The thing is, you can trade in your PS5 directly through BackMarket and get a better deal than what Sony offers through its direct link. When I try to trade in my standard PS5 with one controller, BackMarket offers $435, which is $35 more than Sony’s maximum offer. If I add a second controller, BackMarket increases the total to $455.
You might also be wondering why Sony is doing this. Not only is it odd for a company to encourage you to sell one of its products, but the PS5 is about to become a hit. Grand Theft Auto VI is finally coming, and it’s likely to be one of the biggest, if not the biggest, video game releases of all time. Why, then, is Sony encouraging users to switch platforms?
While Sony isn’t saying so, the answer likely has to do with how expensive it is to buy a PS5 right now. Despite the console being released in 2020, it’s in extremely short supply, driving up the price unnecessarily. Sony raised international prices last year due to tariffs , but the current shortage is likely due to the ongoing memory crisis , which is putting pressure on all tech, including game consoles. A new PS5 on Amazon will easily set you back over $800 . If you’re looking for a PS5 Pro, don’t be surprised if it costs over $1,000 . Sony likely wants idle players to sell their consoles so active players (who will also buy games like GTA VI ) can buy them. And it’s not just Sony: Microsoft offered similar discounts to inactive Xbox users this year .
Selling my PS5
If Sony contacted you directly, you can take advantage of this offer without any hassle—just follow the link in the email. But if you haven’t received this offer, you still have options. First, the BackMarket offer is available to everyone . This link leads to the offer for the standard PS5, but you can also follow this link to enter your specific PS5 model information. GameStop will, of course, happily take your PS5 , but it doesn’t seem as generous as BackMarket. Right now, it looks like you can get up to $275 in store credits or $192.50 cash for a standard PS5.