If you’re in the U.S. and own a PlayStation 5 console, you may have received a notification in the PlayStation app about Sony’s latest initiative to buy back used consoles through Back Market — a global online marketplace for refurbished electronics. The pair previously established a relationship in 2024, focused on PlayStation 4 trade-ins and trade-ups, and now participating users can get up to $400 in cash for trading in a used, excellent-condition standard PlayStation 5 with two controllers. This program runs only until December 31, 2026.
Given the timing and options, trading your used PlayStation 5 console is not terrible value. Additionally, it gives gamers enough time to access a more affordable used market to play Grand Theft Auto VI, releasing on November 19, 2026. Plus, one major concern is that upgrading to the PlayStation 5 Pro has been more challenging than ever because of pricing; we reported in October 2026 that units were costing around $1,400 to $1,500 pre-owned. So offloading old hardware might just be what you need to get an upgraded console.
Is trading in your used PlayStation 5 to Sony worth it?
<img src="https://www.bgr.com/img/gallery/sony-is-buying-back-used-playstation-5s-just-before-gta-6-launches-heres-how-much-yours-is-worth/is-trading-in-your-used-playstation-5-to-sony-worth-it-1793908000.jpg” alt=”PlayStation 5 console next to the retail box it came with”>
While the program aims to address supply shortages and scalpers, your PlayStation 5 still has plenty of vigor left, even if you bought it within a few years of the 2020 launch. Historically, Sony supports its consoles for a while after each new generation launches. Some owners have said Sony consoles can last a long time, even past 10 years. The main worry might be a launch (“fat model”) PlayStation 5, particularly the CFI-1100 or 1000 version since it could have a liquid metal leak issue — it isn’t common, but it’s not impossible.
While up to $400 doesn’t seem bad, you still have to consider all your options, since no matter what you pick, you’ll be taking a loss compared to when you bought it new. For example, eBay is accessible, but it isn’t always the best option because of swarming competition and platform fees. Pricing will differ depending on the model and edition you own, whether you have the original manufacturer’s box, and the condition. A used PlayStation 5 Disc, slim or fat, can go for more than $400, and that figure rises closer to $500 for a complete set. A used PlayStation 5 Digital Edition is similarly priced, with some listings quoted at around $420 to $445.
Best Buy also offers a trade-in program, but the value is much lower. According to Best Buy’s trade-in value assessments section, a used PlayStation 5 console (model 1000031652) in good condition, with an AC adapter and power cord, a fully functioning controller, and the docking station, is estimated at $275. Lastly, GameStop payouts also vary by condition and model. The GameStop trade-in page says you can earn up to $275 in store credit — unlike Sony and Back Market, which offer direct deposit.
Why are PlayStation 5s so expensive?
Part of the reason for rising costs — along with price hikes — is low inventory. Inventory became a problem when hyperscalers began buying up RAM and storage to build and invest in AI data centers. Chipmakers have also shifted priorities to high-margin AI-oriented memory instead of more DRAM and NAND. Plus, companies like Google and Microsoft buy in bulk, which puts significant strain on the consumer market.
In Sony’s Q4 2025 investor call, the company noted rising PlayStation 5 bill-of-materials and manufacturing costs. Still, it said it had secured enough memory to support its manufacturing capacity through the end of 2026 — eventually, this will run out, and the company will have to renew at current pricing. Price hikes reflect that, as manufacturers and retailers may pass higher supply-chain costs along to consumers. That became evident when consumers saw two major price increases since the PlayStation 5’s 2020 launch in the U.S., within the span of eight months.
