"No Way" PS5 Will Cost More Than $500, Says Former Xbox Executive

While the recent PlayStation 5 event finally gave us the first look at the actual next-gen console itself, there are still several important facts that we don't really know, and chief among them is exactly what the thing will cost when it does release. There have been rumors and placeholders that have surfaced online placing it anywhere from $700 to $400, and there has been no official word from Sony Interactive Entertainment one way or another. In our opinion, the PS5 will cost $500, and it would appear that former Xbox executive Albert Penello agrees that it won't be any higher than that.

Penello, who according to LinkedIn worked in Xbox marketing for nearly 18 years, was recently asked about whether he thought the PS5 would really release at $600, and his answer was fairly straightforward: "No way this console is over $499." You can check out his social media post below:

I believe in the saying "never say never"

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

— Albert Penello (@albertpenello) June 12, 2020

Penello did go on to later clarify that he also said "never say never" as well, which, yes, he did.

Oy this tweet really blew up. Must be slow news day. Here's the thing - they forgot the part where I said "never say never". Also, I can't conceive how Sony would go from pricing it's best generation since PS2 @ $399, to pricing from it's worst generation PS3 @ $599. https://t.co/Q3Qaxzd5BX

— Albert Penello (@albertpenello) June 17, 2020

As mentioned above, the price and release date are the two big missing pieces of the puzzle, so to speak, when it comes to the PlayStation 5. Given that we are quickly closing in on the holiday season, and neither Xbox nor PlayStation has announced prices for their next-gen consoles, it is beginning to feel like the two companies are playing a large-scale game of chicken to see exactly what the other has up its sleeve. For now, all we have to go on are the aforementioned placeholders and rumors.

The PlayStation 5 is currently set to release Holidays 2020, though there is no definitive release date beyond that. At this point, the biggest chunks of information that we actually have about the upcoming next-gen console are its specs, the look of the base console, and its new controller, the DualSense. You can check out all of our previous coverage of the PlayStation 5 right here.

What do you think of what we've seen of the PlayStation 5 so far? What do you think the final price point will be? Let us know in the comments, or hit me up directly on Twitter at @rollinbishop to talk all things gaming!