Sony Offers up to $400 to PS5 Owners Willing To Trade in Their Consoles and Two Controllers

Sony is offering PlayStation 5 (PS5) owners up to $400 (about £298) to trade in their consoles along with two controllers, with payments reportedly sent directly to their bank accounts, IGN Southeast Asia reported on 3 November 2026.

The promotion reaches players through notifications in the PlayStation mobile app. Refurbished tech marketplace Back Market handles the trade-in service, and the amount offered depends on the equipment submitted and its condition.

What Owners Need To Qualify

Push Square shared Sony's notification, citing ResetEra forum user Jay_Horror, who posted the message. It directs owners to Back Market to find out how much their console could fetch.

'Enjoy simple, hassle-free service if you choose to trade in with Back Market,' the notification says.

The advertised figure comes with qualifications. Sony's footnote reportedly bases it on the average promised trade-in amount for a standard PS5 with at least two controllers in Grade 0 condition, using orders created between 23 August and 22 September 2026.

Actual payments can differ according to the console model, condition, storage capacity and accessories. A refurbisher's inspection can also affect the valuation, and transactions are subject to Back Market's trade-in terms and conditions.

Owners therefore cannot assume that submitting any PS5 will secure the full advertised payment. The reference figure applies to a particular console-and-controller combination and condition category, rather than representing a guaranteed payment for every device.

Rising Prices Put the Offer in Context

IGN reported that new PS5 consoles cost $600–$650 (about £447–£485), depending on whether they include a disc drive. The higher-specification PS5 Pro costs $900 (about £671).

According to the outlet, demand ahead of Grand Theft Auto VI (GTA 6) has made the Pro difficult to obtain at its retail price. It added that resellers and retailers, including GameStop, were offering used units for as much as $1,400 (about £1,044).

Those figures concern the Pro, while the notification's reference valuation covers a standard PS5 with controllers.

IGN also noted that the standard console originally cost $500 (about £373). The advertised trade-in payment would recover 80% of that launch price, although owners must also supply a second controller and meet the valuation conditions.

Potential Reasons Sony Is Contacting Players Directly

IGN described direct approaches from console manufacturers as less common than retailer-led trade-in promotions. It suggested that Sony might be anticipating hardware shortages or seeking used stock that could be resold for less than new consoles.

Push Square also pointed to rising console prices and memory shortages affecting availability, particularly for the PS5 Pro. It suggested another possible commercial incentive: moving unused machines into the hands of people who might buy games or subscriptions.

Under that interpretation, a second-hand buyer could generate revenue through purchases from the PlayStation Store or a PlayStation Plus subscription.

Microsoft had recently emailed Xbox Series X|S customers with a similar invitation to sell consoles they were no longer using, added Push Square.

Where Is the Trade-In Offer Available?

Tbreak placed the promotion alongside Sony's reported emphasis on recurring income from existing players and its testing of dynamic game pricing. However, it stressed that IGN had not connected either development to the trade-in offer and that Sony had not explained its reasoning in the coverage reviewed.

The outlet also flagged uncertainty over regional access. It said the reporting did not confirm availability in the United Arab Emirates, Saudi Arabia or Egypt.

Push Square described notifications reaching US players. The pound equivalents here are currency conversions and do not establish a matching UK offer. Tbreak advised readers in its region to check the PlayStation app for a notification before making plans around the promotion.