UK trade-in shop selling used PS5s for nearly double retail

PS5 scalper groups are boasting thousands of next-generation consoles and individual resellers have made tens of thousands of profits, but the profit-driven resale market benefiting from low supply and high demand has now turned into established trade-in retailers. UK store CEX sells pre-owned PS5s for £ 815, almost double the standard retail price of £ 450.

Eurogamer reports that “there is a fair amount of used PS5 stock available in the chain,” but says both customers and employees are unhappy with the price drop.

CEX is currently paying people £ 650 in cash to buy used PS5 consoles. That’s an instant and guaranteed £ 200 profit for anyone willing to get rid of theirs. Of course, that buy-back price comes at a price, with the trade-in store further tipping the cost of the used console up to the aforementioned £ 815.

Customers express their disagreement about the price through online reviews. “That price is terrible,” says one. “You fully deserve this and are no better than the scalpers.”

CEX employees also spoke anonymously with Eurogamer to express their own discomfort with the markup. ‘Obviously, none of us like it. We’ve been told the price is so high to match with eBay, but that was when it was £ 750, it’s even higher now, ”said one employee. “CEX has a legal right to price whatever they want, but morally I find it repugnant and think they help keep scalping prices so high in a year when we could all use a little less nonsense to deal with. to go. A new console can lift a person’s mood and I personally know that I use games to reduce stress and to take my mind off things. “

The Eurogamer report says that “heavily” used PS5s are making their way to CEX thanks to the “generous” cash offerings that are way above retail, and that demand is helping them fly off the shelves, even at exorbitant prices.

“Demand is sky-high. People will still pay for it (even if it means the staff can [expect] as result). “One employee said.” I fully understand the high price argument and of course there is a moral dilemma involved. Do I expect customer abuse when the stores reopen? Absolutely. I like having a £ 450 console. selling for over £ 800? Not really, but if someone is going to pay for it, I won’t turn them down. ”

Eurogamer also reported seeing an internal CEX email instructing staff members to explain that they are still a better and cheaper option than ebay and other comparable PS5 resellers, both in price and in warranty 24 months they provide. They also note that customers can use store credit that they get by trading in other items toward the purchase of the PS5.

CEX is also selling the Xbox Series X at a markup for £ 690, although still lower than the PS5’s exorbitant price. Both next-generation console markers (and cash offers on used buybacks) are exclusive to the higher-end versions of the consoles. The PS5 All Digital and Xbox Series S won’t get you a profit when you sell to CEX, and the pre-owned prices for those versions are closer to the standard sale.

While CEX arguably has a point of being more secure than something like eBay – where scammers have already tried to sell photos of the PS5 for over $ 1000 – it’s still taking advantage of the limited supply and high demand to turn a profit. at the expense of frustrated customers and the store associates they deal with. It also continues to drive the scalper / resale market as new inventory comes in, making the new console difficult to obtain for legitimate customers who want one.

The PS5 launch was the biggest console launch in history, so it’s no surprise people want a piece of the pie. Sony is struggling to keep up with demand, but promises it will focus on making new stock available as often as possible.