Some of you are relieved because prices on games like Puppeteer and Splatterhouse were ridiculously expensive. Still, I know that many others are asking, what the heck is going? I just got my hands on a few really good games for my collection. Did I overpay?
Let’s take a quick look at why your PS3 collection is not going to be worth as much in the coming weeks.
Why Are PS3 Games Selling for Less?
The biggest reason that prices on PS3 games are dropping in price is that Sony just backtracked on their decision to shut down PS3 and PS Vita access and support for the PlayStation Store.
PlayStation 3 and PS Vita owners will still have the option to buy digital copies of games for their systems, and that is all it takes for your physical copies to lose value.
The anticipated game scarcity made PS3 collectors leap into action in recent weeks after the original announcement was made, adding to an existing buying frenzy and price increase as the demand for physical copies of games started to outweigh the existing supply.
Now that many of the games that people have been collecting in the past few months are no longer in danger of disappearing from the market, the prices are bound to drop.
Now would be the time for some of you to sell and recoup some losses.
Collectors Will Hesitate and Wait
Another reason that prices are going to tumble is that collectors are going to press the pause button on buying PS3 games. Some are already advocating to sell their stock on social media. Now that it is clear Sony has been listening to the complaints of their buyers, there is no telling what the company might do next.
Is it possible the executives might try to appeal to their “retro” gamers since they have made their voices heard online in recent weeks? Will they attempt to capitalize on the fervor in the coming weeks by announcing sales to pull in PS3 fans? Who knows?
Sony is positive that they can make money off old games right now. You can bet they’re going to try something to put more money in their pockets, especially if it means undercutting exorbitant prices from third-party sellers.
If fewer people are willing to buy games at a higher price, people will start listing them lower to make sales, or they might just hold onto their games. Either way, collectors are probably going to wait and see if Sony makes any new moves or announcements before buying up games.
Some PS3 Prices Will Still Rise
If you look at this image from Pricecharting.com, you can see that the price of PS3 games has been consistently rising since late 2019. In fact, the overall price of PS3 games has risen about 15% over the last year or so, and that is without taking into account last month’s craziness.
These price increases happen with most older systems like the Nintendo 64 and the PlayStation 2. In those cases, it’s simple supply and demand. Older people get money to buy the things they wanted or had as kids, and they want to preserve them. Or wise collectors buy up goods and sell them.
The same has already started happening to PS3 games and systems. The benefit for PS3 collectors, sellers, or price gougers is that the PS3 generation was the first to feature digital copies of games rather than physical copies.
At some point, there will be a true lack of working PS3 systems and PS3 games. Furthermore, the PS3 does not have not many functioning emulators to make these games more widely available. Don’t hold your breath on a great one appearing anytime soon, either.
That means the price of these games will continue to rise similarly to other systems, but the prices may not reach the heights they have in recent weeks. Also, it will take time for the prices to rise.
What You Should Do with PS3 Games Now
The answer depends on your position. If you have PS3 games that you collected and want to make a profit, it’s time to sell, baby. Many prices will never be as high as they are right now.
If you managed to get a few great PS3 games that are truly rare and won’t be affected by the recent PlayStation Store news, then you might want to keep them for your collection or wait for the dust to settle and evaluate the situation in the future.
The retro game market is always changing and we’re doing our best to stay on top of the speculation and news. Feel free to subscribe to find out the latest about what is happening