I'd wait. I feel like consoles must be getting close to a hardware refresh now.
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I think it depends on if there are games exclusive to one versus the other that you're interested in.
By that logic also if you own a PS4 because some games still crossover
Did Sony announce a PS5 Pro? I think its just a rumor at this time. And even if so, we don't know what the system can do, what restrictions or problems it could have and what it will cost. We don't know if the console will be available without a problem. We don't know when the thing comes out either, if ever. It's incredible hard to know if its worth waiting, if we don't know anything.
And second, if you really need a console right now, then buy one. My thumb of rule is, if you can wait, then wait. So this is ultimately your decision.
I think it's difficult to know where we really are in the release cycle for this console, as it's been disrupted so much by initial unavailability and COVID. Normally, we'd be due a Pro version this year, but it could be this year, it could be next year, it could be never.
Last generation I was happy with a standard PS4 until I played Control, and could see that it was struggling. I'm not sure there's any PS5 games that are known to stress the hardware, and would do anything with the extra resources.
I'd buy one now if I were you. Worse case scenario: you'll want to trade it in for an upgrade in a year or two.
IMHO, Xbox is a better console than PS this gen. I was a PS guy all the way but I got both XSX and PS5 when they came out and I barely touch my PS5 compared to the Xbox.
To be fair, most of the reasons I prefer the Xbox are just user experience things. The biggest one is that I think the PS5 controller is horrible. The ergonomics are all weird for me (yeah I realize that everyone's hands are different) and the fancy trigger buttons are real cool in the one or two games that make use of them but they're squishy and vague feeling in the other 99% of games. The Xbox controller has better ergonomics, and better feel in the hand with its materials and button feel. Yes, ergonomics and feel preference will vary from person to person but it's worth mentioning since I never had an issue with PS controllers until the PS5.
The other reasons I prefer the Xbox are things like how much better it is for things on your TV that aren't gaming (streaming shows, watching movies, etc.), I think Gamepass is WAY better than the Sony version, it has more exclusives I am interested in, etc.
Anyhow, you do you, but you might look into the Xbox a little before blindly just going with the PS5 on the strength of the older consoles. I was surprised by how much I didn't want to use the PS5. And a little bummed if I'm honest. It was a lot of effort to get one at launch and a lot of money and it mostly just gathers dust.
And to answer your specific question, if you do decide to go with a PS5, just get whatever is available when you are ready to get one. When it comes to tech, there's always something better coming so you can wait forever because they will never say "okay, all done!".
I'm the opposite on every point. I have both and seriously considering trading both towards a Pro and hitting up Geforce Now every now and again to get some use out of my stacked UGP sub.
But as to waiting or not, if you aren't a dedicated console gamer I can't really see that you would value the extra's a Pro would bring. 80% of the experience will be offered by the base machine anyway.
One game, I don't know why
The PS4 allowed people to choose between frame rate and graphical prowess. The PS4 Pro basically eliminated the necessity to choose. We’re seeing games on PS5 that give you similar options, so I assume a PS5 Pro will also render those preferences unnecessary.
Is having ray tracing at 60FPS important enough for you to wait? Furthermore, do you have patience if PS5 pros are hard to come by for the first 3-6 months of availability?