A message promising PlayStation 5 owners up to $400 for their consoles has spread quickly online this week, and with Grand Theft Auto VI now just over two weeks away, it has helped put “PlayStation 5” among Google’s trending searches in the US. However, the offer is not quite the Sony buyback that some headlines suggest, because the money comes from Back Market, the refurbished-electronics marketplace that runs PlayStation’s trade-in programme in the US.
The promotion began circulating on November 2, when PS5 owners started sharing a message headlined “Get up to $400 when you trade in,” which names Back Market as the trade-in partner and promises a cash payment into the owner’s bank account. One of the earliest posts to spread on X came from user Knoebelbroet, who shared a screenshot of the message alongside a link to a forum thread discussing it.
Back Market, not Sony, is the one paying for your PS5
That distinction matters, since Sony itself is not buying back hardware. Back Market’s own buyback pages currently list offers of up to $415 for a standard PS5 with a disc drive and up to $385 for the Digital Edition, with quotes drawn from a network of more than 250 refurbishers. Owners get a quote online, then have 21 days to wipe their data and post the console using free, insured shipping, and the payment arrives by direct deposit within five business days.
Those top figures are maximums rather than flat rates, though, and reports on the message say the full $400 is tied to a disc-drive PS5 in pristine condition with two controllers, so any wear, missing accessories or a Digital Edition will bring the payout down. Sony has not issued a statement about the promotion, and we could not find any announcement of it on the PlayStation Blog or PlayStation Direct.
In fact, the trade-in page on PlayStation Direct still describes a PS4-only programme, in which Back Market pays for an old PS4 and PlayStation adds a $50 voucher toward a PS5, PS5 Pro or PS VR2 bought on its store. That voucher is open to US residents only, and the page lists it as valid until October 31, 2026, unless the voucher email states otherwise.
Why $400 for a used PS5 looks tempting right now
The timing explains a lot of the attention. Sony raised US console prices on April 2, citing pressures in the global economy, so the standard PS5 now costs $649.99, the Digital Edition $599.99 and the PS5 Pro $899.99. Meanwhile, PlayStation Direct is advertising certified refurbished PS5 consoles from $499, which means a top-condition trade-in would now cover most of the price of a refurbished unit.
GTA 6 adds to the pressure, because Rockstar’s game launches on November 19 on PS5 and Xbox Series X|S, with the official site saying it plays best on PS5, as our GTA 6 release date guide covers in full. Demand for the PS5 Pro has been strong enough that GameStop was reported in October to be pricing used Pro consoles above the new retail price as stock ran low.
Nevertheless, it is not clear that GTA 6 alone is moving the hardware market. When US PS5 sales rose in September, Circana analyst Mat Piscatella questioned whether the game was the main driver, pointing out that Xbox Series sales fell 27% in the same month, as we noted in our report on PS5 sales rising 22% in September.
How to check what your PS5 is actually worth
Anyone tempted by the offer can get a quote on Back Market’s PS5 buyback page in a few minutes, and the price will depend on the model, the console’s condition and the accessories in the box. Before sending a console off, it is also worth backing up save data, signing out of PSN and resetting the system, since Back Market gives sellers 21 days to send the console once they take a quote.
The $400 figure is best read as a ceiling for a near-perfect disc console rather than a guaranteed payout, and the offer appears to be limited to the US. We will update this story if Sony comments on the promotion or confirms how long it will run.
