PS5 price news: "No way this console is over $499"

Gaming industry veteran breaks cover to deliver the PS5 price news we all wanted

PS5 price Sony PlayStation 5
(Image credit: Sony)

Over the past week some really scary PS5 price stories have hit news sites worldwide, with the Sony PlayStation 5 spotted at retailers on multiple occasions with pre-order price points that made the eyes water.

First up there was that alarming PS5 price of £599.99 ($760) on Amazon UK, which thankfully was later confirmed to be an error, and then there was the slightly less expensive but still wallet-raiding Play-Asia pre-order price, which listed the PS5 up at $699.99 (about £558).

Even further back a Danish retailer listed up the PlayStation 5 console with a pre-order price of 6,989 Danish krone, which converts to about $1,043 or £837. Needless to say, none of these PS5 price points went down with gamers well, and no doubt left many wondering if they will be able to afford to upgrade to the next-gen PlayStation console come its launch this winter holiday season.

Well, the news we all were waiting for has just arrived, as former Xbox marketing chief Albert Penello has waded into the PS5 price rumour fray and confirmed that he feels the PS5 will "never" be "over $499".

Speaking on Twitter about a rumour of the PS5 costing $600 at launch, Penello stated that:

"I believe in the saying 'never say never'

But I gotta say never. No way this console is over $499."

Now, when the former marketing boss for Xbox says that the PS5 price will "never" be more than $499, then here at T3 we sit up and pay attention. This is not some random on Twitter with zero credibility or track record, this is an industry veteran who has been involved in the launches of the original Xbox, the Xbox 360 and the Xbox One. This is a super-connected guy who lived and breathed product at one of the world's biggest gaming companies for over a decade.

So when Penello says the PS5 won't be over $499, then we are absolutely inclined to believe him. He has a far better understanding of pricing a product like this, and the industry in general.

And if Penello is accurate and the PS5 retails for under $499, then that will absolutely be music to gamer ears, as while you couldn't say that was cheap, it is affordable and will be seen as manageable for the vast majority of gamers.

Hopefully that pricing will hold and we will also see something similar in the UK, too, as £499 sounds a hell of a lot better than £599 or £649.

Hopefully we will get confirmation soon about the PS5's official price point, as too what the cost will be for the PlayStation 5 Digital Edition. For those who missed the big PS5 unveiling, below you can find the PlayStation 5 hardware reveal trailer: