Microsoft has just slashed the price of its Xbox One 500GB console to $249 ahead of the Xbox One S launch on August 2. The Redmond-based software giant announced Sunday that you can get the console from Best Buy, Amazon and other retailers at $249 immediately. This is the third time Microsoft has cut the price of Xbox One since May. It last reduced the price to $279 in June.

Xbox One S
Image Credit: Microsoft Corporation

The deal is good while the supplies last

The announcement of Xbox One S and Project Scorpio had significantly slowed the sales of the Xbox One, which has been lagging behind Sony’s PlayStation 4 since launch. The latest price cut indicates that Microsoft is looking to clear the inventory before the smaller, better Xbox arrives on August 2. The offer is good while the supplies last. The offer includes titles like Forza Motorsport 6, Rise of the Tomb Raider, Gears of War: Ultimate Edition, and Rare Replay.

Sony has sold more than 40 million units of PlayStation 4 worldwide, but Microsoft stopped reporting the Xbox One sales figures a long time ago. Electronic Arts said that the Xbox One had sold roughly 19 million units through January this year. The latest offer from Microsoft is good if you aren’t interested in the sleeker and more powerful Xbox One S.

Should you buy the Xbox One S?

The Xbox One S is 40% smaller than the original Xbox One, and includes a built-in power supply, an IR blaster, and a front-facing USB port. It costs $399 for 2TB version that will arrive next week. Microsoft will launch the 1TB model ($349) and 500GB model ($299) later. The Xbox One S also support 4K videos, but only if it is connected to a 4K television.

Microsoft has announced that it would launch Project Scorpio – the most powerful console ever – next year. Experts believe that many users may choose to wait for the Project Scorpio instead of buying the Xbox One S, which is more of a stopgap device.