Microsoft Drops the Price Even Further for the Xbox One

Two weeks ago, Microsoft dropped the price of the Xbox One from $349 to $299. Now it's announced yet another drop, which probably makes it seem like an even better time to buy. But, you might want to hold off. Buying a current console on the cheap might seem like a good idea, but with newer versions confirmed and release dates announced, that's not necessarily the case.

Xbox One Is Now $279 Until October 1

That's right, the price has dropped another $20 for the 500GB basic bundles, to $279. The 1TB models are also being discounted to $299. This latest price will run through October 1, suggesting we might see a few dips here and there, but this is likely to be the main price until then.

A Brand New Xbox Was Just Announced

The original price drop was right before E3, helping to fuel rumors that a new, slimmer version would be announced. Now it has, and you can already preorder a 2TB version of the new Xbox One S for $399, which will be released August 31. A 500GB version for $299 and a 1TB version are also available for preorder for $349, but are due for release in December.

Even Lower Prices on the Horizon?

We speculated a couple of weeks ago that with the slimmer version announcement, prices on the original could continue to drop in the coming months. This latest decrease suggests clearing existing stock is a priority, but it's only good until October 1. This means there's still the potential to see some other price drops to clear out any lingering current models come Black Friday and Cyber Monday.

During last year's Black Friday sales, we saw 500GB consoles offered with various gift cards, including one bundled with a $60 gift card for $299. Factoring in the credit, that deal yielded a savings of $60.

SEE ALSO: Amazon Just Made it So Much Easier to Get a Great Discount on Video Game Preorders

Considering last year's plethora of gift card combos, and the latest price cut, we could see some bundles offered at an equivalent price of $200 or less during Black Friday 2016.

We've Still Seen Better Deals in the Last Few Months

Even without the expected slashes of the holiday season, we've seen better Xbox One deals than the new $279 price point. Just a few weeks ago, you could snag a refurb 500GB console for $190, and in March we saw that refurb bundled with three games for $214.

Not a fan of refurbs? Also in March we found a new 500GB Gears of War bundle for $259, a deal that has continued to show up during the last few months. Then in April we saw a new 1TB Gears of War bundle for $289. And within the last few weeks, there was a new 500GB console bundled with a game and a $50 gift card for $297, which is a stronger net value.

In many ways, this latest price drop from Microsoft could yield even bigger Xbox savings than what we're seeing now. It's entirely possible shoppers can expect some hard-to-beat offers in the coming months.

Readers, will you purchase one of these newly discounted current models? Or will you preorder the new Xbox One S? Share your thoughts in the comments below!