If you're still on the fence about buying a new-gen console, here's a bit of an incentive for you. Microsoft's officially announced a new set of price cuts for the Xbox 360, making it really light on the wallet.

Here are the prices for the different Xbox 360 SKUs:

• Xbox 360 Arcade - US$ 199
• Xbox 360 - US$ 299
• Xbox 360 Elite - US$ 399

Says Microsoft's Don Mattrick of the price cut,

We are thrilled to be the first next-generation console on the market to reach US$ 199, a price that invites everyone to enjoy Xbox 360.... The majority of consumers make the decision to buy consoles once the price falls to this mark, making this an important milestone for consumers and the industry.

The price drops for the console SKUs begin on September 5, Friday, which means that you should check your local stores in the next few hours for the newly-priced console. Enjoy!

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