UNITED KINGDOM / AGILITYPR.NEWS / October 15, 2020 / With the much-anticipated release of PlayStation 5 and the Xbox Series X and Series S in November, experts from online trade-in and refurbished tech retailer, musicMagpie, have predicted that the value of their predecessors, the PlayStation 4 and Xbox One, could drop by up to 40% in the next eight weeks.

Following the release of the PS4 and the Xbox One in November 2013, trade in prices of each console have remained relatively stable and could fetch you up to £140 for some models. However, given the first new major PlayStation and Xbox releases in seven years are on the horizon, the value of the PS4 and Xbox One are predicted to drop significantly.

Consoles have seen a huge increase in demand this year, as people are spending more time at home and have needed to find ways to entertain themselves. In the past six months, musicMagpie saw an increased demand of 20% for refurbished consoles on its online store, with the most popular being the PS4 and Xbox One as people have tried to get their hands on the most recent models for less.

Microsoft have also expanded Xbox All Access, an all-inclusive pass to Xbox whereby customers can now get an Xbox Series X or Xbox Series S console, plus 24 months of Xbox Game Pass Ultimate, from £20.99 a month. With no upfront costs, more people than ever are predicted to upgrade to the most recent consoles, making their predecessors even more obsolete and accelerating their depreciation in value.

musicMagpie’s Chief Commercial Officer, Jon Miller, commented: “We’re expecting more consumers than ever to purchase the new consoles when they are released in November, which will have a significant impact on the value of the older models.

“While more people have had to entertain themselves from home due to COVID-19 restrictions, the demand from consoles has gone through the roof and we fully predict this to be the case for the new consoles as we roll into winter. This will also be impacted by the restrictions beginning to tighten again, coupled with colder weather, darker days and more reason for people to stay indoors.

“Subscription services are also making it easier than ever for people to be able to afford the brand-new consoles and games, without any major upfront costs, making upgrading to the new consoles a no brainer for gamers in 2020.

“If customers are planning to get their hands on one of the new consoles, we would recommend trading in your console now, or utilising a price-lock in to guarantee a price for it while you wait for the new one to be shipped. With more customers planning to trade in their consoles in the coming weeks and many planning to purchase the new ones, we predict that the value of the PS4 and Xbox One will drop quite rapidly and potentially up to 40% for some models, so time is certainly of the essence.”

The Xbox Series X and Series S will be released on November 10^th and the PlayStation 5 will follow on 12^th November.

musicMagpie is offering a 21-day price lock-in guarantee for gamers to secure the trade-in price for their old console now, before they receive the new one. To sell your console now visit - https://www.musicmagpie.co.uk/sell-tech/trade-in-consoles/

• The following models can currently fetch up to (prices correct as of 1.10.20):Xbox One £70
• Xbox One X £140
• Xbox One S £118
• PS4 (1TB) £100
• PS4 Slim (1TB) £110
• PS4 Pro (1TB) £140

musicMagpie is also known for its industry-renowned Annual Phone Depreciation Report, which tracks the trade-in values of mobile phone models and advises on the best time to sell your phone.