PS5 is coming on November 12 for $499.99

Sony has announced that the much anticipated PlayStation 5 Console will cost $499.99 when it launches on November 12th, alongside the $399.99 Digital Edition.

In comparison, the Microsoft entry-level Xbox Series is priced at $299, while the flagship model Xbox Series X is $499, when officially coming out on November 10th.

The PlayStation 4 was launched at a price tag of $399, while now it sells for $349 for the slim version, while the PlayStation 4 Pro originally sold for $399. It’s unclear if Sony is planning to drop prices or discontinue the older models once the PlayStation 5 is out later this year.

It’s also worth noting that the PlayStation 5 will include backward compatibility for an “overwhelming majority” of the existing PlayStation 4 lineup, although details are still unknown. That expanded library might help make it more attractive to potential PlayStation buyers over the older consoles this holiday season.