Been rumored for months, but it’s now completely official. Microsoft formally announced today that the model-wide Xbox 360 price cut will fall into effect later this week on September 5.

To break it down, the HDD-less Arcade model is dropping to $199, effectively making it the cheapest current-generation console available. Meanwhile, the standard 60GB configuration will drop to $299 and the 120GB equipped Elite will carry a price point of $399 come Friday.

Xbox 360 Arcade $199
Xbox 360 $299
Xbox 360 Elite $399

Now it’s time to wait and see how this new pricing strategy will affect sales in North America.

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