Latest rumors on Xbox, PS2 price cuts.

The previous rumors had suggested that we might see a price cut for all three of the video game consoles this December, but that rumor appears to have been put to rest at this point. Now the folks at CNN’s Money website are reporting that industry analysts expect price cuts to happen before mid-year 2003.

NEW YORK (CNN/Money) – Still wavering over whether to buy that new PlayStation? If you’re reaching the limits of your holiday budget (or, like me, have long since blown past it), it might be worth your while to wait.

Yeah, those rumored December price cuts for the Xbox, PlayStation 2 and GameCube proved false. (Big surprise.) But that doesn’t mean prices aren’t coming down. The question is: When and how much?

Microsoft, Sony and Nintendo, naturally, aren’t saying. CEOs of major game publishing companies dropped a few hints, though, at UBS Warburg’s 30th Annual Media Week Conference.

The consensus seems to be that we can expect another round of cuts before mid-year, most likely right around the same time as the Electronic Entertainment Expo, the gaming industry’s annual trade show. Most execs are predicting another $50 reduction, taking the Xbox and PS2 to $149 and the GameCube to $99. While unlikely, they acknowledge it’s not inconceivable that PS2 and Xbox prices could fall to $99 (and, by default, the GameCube would slip to $50).

So if you couldn’t afford to pick one up this Christmas then perhaps you’ll end up with a nice price cut to make up for having to wait.

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