If you are thinking of buying an Xbox 360 you may want to wait a couple weeks. There are reports Microsoft is about to drop the price of the Xbox 360. The Hollywood Reporter is citing an anonymous source who says that the Xbox 360 will knock $50 off the price tag of its 20GB model from $349 to $299.
If the rumors are true, the new price point would make the Xbox $100 cheaper than Playstation 3's cheapest model, and just $50 more than the Nintendo Wii. The Xbox price drop also comes just weeks before the video game world descends on Los Angeles for the E3 Expo in mid-July. This would also be the second time Microsoft dropped the price of the Xbox since the console's launch in 2005. At the time, the price cut came just before Halo 3 (slide show) hit the shelves, but according to many reports the latest price drop does not coincide with an anticipated release.
An Xbox 360 price drop is not a complete surprise. In fact, experts have been predicting price cut for several months; however, until now no one had any idea when that might occur. The latest rumors surfaced last week after the video game blogs Joystiq and Kotaku posted photos of a Kmart flyer with the new price point after they had been uploaded to High Def Digest by an anonymous user.
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