While many were expecting Sony to keep a lid on the PlayStation 5 until the PlayStation Experience in December at the earliest, the company surprised everyone when lead architect Mark Cerny announced the PS5 on a seemingly random Tuesday morning. Cerny shared some details about what fans can expect from the PS5 in terms of power and features, but stopped short of revealing details like a release date or price point. We still don't know for sure what the PS5's price point will be, but all signs point to one specific price.
The general consensus seems to be that the PS5 price point will be $499. This would make the PS5 cheaper than the 60GB PS3 was at launch ($599), but a little more expensive than the PS4 was at launch ($399). It would also make it cost roughly the same as an Xbox One X, which is currently the most powerful gaming console on the market.
Analysts have predicted the PS5 price to be $499, and Mark Cerny himself has said that the PS5 price will be "appealing." While Cerny's statement is open to interpretation, it seems safe to say that Sony won't repeat the mistake of pricing a console at $599. And since the PS5 will apparently be more powerful than a PS4 Pro and Xbox One X combined, it's also safe to assume that it won't cost less than those consoles. Considering these factors, $499 seems like the most realistic possibility.
For those looking for even more evidence of the PS5 price, there is the recent leak to consider. Someone claiming to be a European game developer working on a PS5 launch title has also said that the PS5 will launch for $499, and that the console will release in November 2020. This person did not provide evidence to back up their claims, but the recent PS5 announcement has made it at least a little more difficult to write off the supposed leak completely.
$499 may seem like a steep price for some, but it sounds like gamers will be getting their money's worth with the new console. The PS5 will support ray-tracing technology, and Cerny also hinted at support for 8K resolution. The PS5 will be backward compatible with PS4 titles, and will actually run PS4 games better, with the ability to load games 15x faster. All things considered, the PS5 seems like it will be a proper generational leap forward, and may very well justify the price tag.