We are now over four years into the current generation of consoles, which is likely beyond the halfway point. Although Sony is still selling a large number of PlayStation 5 units, the high price of the system remains a barrier for many potential buyers. To address this issue, Sony has partnered with a leasing company called Raylo to launch a PS5 rental service in the UK, available through the country’s PlayStation Direct website.

Leasing options are available for the PS5 Digital Edition, the version with a disc drive, and the PS5 Pro, with agreements ranging from 12 to 36 months or a rolling monthly contract. The monthly price decreases with longer lease terms. For example, a 36-month agreement for a PS5 Digital Edition costs £11 (approximately $14) per month, while a rolling contract for the PS5 Pro costs £35.59 (nearly $46) per month. Leasing options are also available for the PlayStation Portal and the PS VR2 headset, which has recently received a price cut.

As noted by The Standard, each device comes with a lifetime warranty. Raylo does not charge extra for minor damage, such as dents, scratches, or discoloration, when a device is returned at the end of a lease. However, significant damage will result in penalties. Customers can cancel their lease at any point, but they will incur a fee if they change their mind before 18 months have passed, with the exception of a 14-day grace period.

While leasing offers benefits, particularly for those who cannot afford the upfront cost of a PS5, there are also drawbacks. Depending on the lease term and length of the plan, renting a PS5 can be more expensive than purchasing one outright. Customers have the option to buy a device at the end of a lease or continue renting or upgrade. A three-year contract would coincide with the rumored release of the PS6 in 2028. Otherwise, customers will not own the device they have been paying for over several months.

In contrast, Xbox has offered monthly payment plans for the Xbox Series X/S from the outset, including Game Pass Ultimate. At the end of the financing period, customers get to keep the console. This approach differs from Sony’s leasing service, where customers do not own the device after the lease ends.

If you make a purchase through a link in this article, we may earn a commission.