Sony is now offering PlayStation 5 owners up to £300 in the UK and $400 in the US to trade in their consoles, a move that mirrors a recent Xbox promotion and has drawn criticism from players.
The deal, run in collaboration with online marketplace Back Market, is being promoted through notifications on the PlayStation app titled 'Trade in your PS5 console for up to $400'. Sony is sending these alerts to dormant PlayStation 5 players across the US and the UK, according to a post on ResetEra.
Promotion follows Xbox's similar trade-in push
Last month, Xbox ran a promotion encouraging players to trade in their Xbox Series X/S consoles if they were no longer using them. The company never explained why, but it was assumed to be an attempt to boost active player numbers and Xbox Game Pass subscriptions. Xbox's deal was run through Best Buy in the US.
The PlayStation promotion is not explicitly targeted at dormant players, unlike the Xbox advert. 'If you're ready to sell your console, you could soon receive a cash payment into your nominated bank account,' the promotion reads. 'Find out how much you could get today.'
Trade-in value criticised as poor
The trade-in value has been criticised as particularly low. The promise of up to £300 depends on the condition of the console, and the amount is based on a 'PS5 standard console with two or more controllers'. Brand new consoles only come with one DualSense controller.
A brand new PlayStation console with two controllers costs £610 through PlayStation Direct, meaning the trade-in offer would not even return half the original price.
Back Market is an online retailer, so while customers can get a quote by answering a few questions, they must rely on postal delivery systems to receive payment. This has led some to suggest that taking a console to a physical second-hand reseller, or listing it on eBay, might be a safer option.
Timing linked to GTA 6 launch
Sony is expecting a rush of PlayStation 5 sales later this month for the launch of GTA 6 on November 19, 2026. In the US, sales for Sony's latest console are still outpacing the PlayStation 4 six years after its release.
