Want a PS3 or Xbox 360, but Afraid of the Price? Don’t be!

Many people would love to get into playing videogames, but the price keeps them at bay. And at first glance, it’s a valid assumption. To get started in the current Xbox 360/PS3 generation of gaming when it started would’ve cost a good $800.

But when you break it all down and factor in time, if you can come up with that initial scratch, playing videogames is actually a very economical hobby when placed against other popular activities you may already partake in.

When you start, yes, there’s a lot to get, and, no, it’s not cheap. You’ll need the console and most likely at least one more controller. You’ll probably also want at least two games to get you started.

When the PS3 was first released, the top model was $600. If you tack on two games, that brings it to $720. Adding a second controller makes the total $770. Once you add in 6% PA sales tax, it’s over $815. Ouch!

But is that really so expensive? PS3 was available at the end of 2006, and the recently confirmed PS4 is not expected until 2014. If you assume an eight-year lifecycle, it works out to just over $100 per year for that initial expenditure. Surely there’s a hobby you spend at least $100 per year enjoying?

And the price has lowered since then, with the most robust PS3 now available for $350, which is also more powerful than anything Sony had at launch. PS3 was also the most expensive of the three consoles this generation; Xbox 360 and Wii set you back less.

Others may balk at the continued need to shell out $60 for top-shelf games several times per year. But is that price really such a budget-buster? Let’s look at a few examples:

• My own playtime for the original inFamous is around 25 hours (a fairly typical playtime). That comes out to around $2.75/hour at the $60 full price.
• On Fallout 3 I logged in about 100 hours, including all the DLC packs. Since the combined cost was about $100, I paid about $1 per hour of fun. RPGs often provide triple digit hours of gameplay.
• Online-enabled titles are where the ratio of price to gameplay truly shines. My Xbox Live friend A BRONX BRAWLER has almost 36 days of time logged into Call of Duty: Modern Warfare 2. Do the math—it’s 864 hours. For every hour of fun, he’s paid less than 7¢. Where’s a better deal to be had than that?

All of those are relative bargains compared to a $10 movie that gives you just two hours of entertainment—plus, you walk out with nothing versus a game that you own when done.

Do you smoke a pack a day? At $7.50/pack, giving up the habit would cover the above initial start-up costs in 110 days and after that easily allow for two new full-price game purchases per month and leave you about enough money for a tank of gas.

Do you need that $4 latte every morning? You could get regular coffee and save enough each month for one new game (and reduce your fat intake to boot!).

And if you’re the patient sort, the ratios only get better.

Most games have price drops within several months, and others become bargain ‘greatest hits’ titles. Usually within two weeks you can find pre-owned copies of games at major retailers like GameStop for $5 or more off. And when you tack on membership in a club like GameStop’s PowerUp, you get another 10% off pre-owned games, plus 10% bonus credit for trade-ins, which are another way of stretching your gaming dollar.

Why leave a $60 game that you’ll never touch again sitting on the shelf when you can take it back for $20 or $25 credit towards something else? And if you’re truly patient, you can usually get more by selling it on eBay.

To top it all off, you may make online friends and rivals via Xbox Live or PlayStation Network that enhance your gaming experience. Even if you may never actually meet them in person, what’s the price of a friend? I’ve teamed with a number of great people I’ve met on gaming websites and through random game service matchmaking, both to help each other out and have friendly, lasting rivalries.

So if you’ve been sitting on the sidelines, wishing you could start playing videogames but for the cost, rethink that attitude. Gaming really isn’t all that expensive, and there’s a great community of people ready to have you join us!

Jeff is currently playing Resonance of Fate; follow him on Twitter at JKLugar.