Sales for video game consoles in the past remain quite steady if not increasing over the course of the generation. As an consistent early adopter, I fail to see why the vast majority of buyers purchase their console several years afte the systems' release. I think that after a year at the most it is pretty clear which games will be on what console; meanwhile you are stuck with a 'dead' console until you do buy into the next generation.

So, at what point in the generation do you buy your consoles, and why?

i bought my wii at launch, which is the only time i have ever bought any console at launch.

i bought my ps2 a year after launch, and i bought my ds this year, soooo thats what 3 years after.

i did make the mistake of buying an xbox in 2006. yeahhhh, waste of money.

PS - bought for me the Christmas after launch.
PS2 - UK launch (still works and still running perfectly)
GC - about 2.5 years in
PSP - launch

not bought next gen yet.

PS - Bought for me about a year after launch.
PS2 - Bought for me on the UK launch.
GC - Quite far in tbh, sold it again though after playing Zelda.
PSP - On UK launch.
PS3 - On UK launch :D

@game_boy: i think that what you fail to see is that usually people are not willing to pay 400€+ to play a game (or to make their children play a game): that's simply too much...

as for your question: i'll buy the console i'm intersted in (x360 with HD or Ps3 )when the price goes under 200/250€...like about 70% of the people that buy a console: a lot of members of this community seem to forget that usually the vast majority of systems are sold when the price goes under 199$/199€ because that's the price that people are willing to pay for home entertainment....so i expect sales to become really big througout the year for all 3 systems only in 2009 and till then no one could claim to have won the console war.

I bought the gamecube/wii at launch because my favorite games are Nintendo games and they have came out at a reasonable price point for each.  I bought an Xbox at $150 because it was part of a decent Christmas bundles.  I'll buy a 360 or PS3 at some point in this generation.  When the prices drop, if I know if blu ray will win, and if either gets a big exclusive is what will decide it.

 I disagree.  While we know what Sony/Xbox/Nintendo games will hit each console, we don't know what new IPs will pop up (Bioshock) and be exclusive.  We also don't know how 3rd parties will react.  So far MGS has remained exclusive and GTA is not coming to the Wii, but if the Wii continues to sell, by year 4 or 5 we don't know what big third party franchises will move over. 

The reason I'm waiting on the PS3/Xbox 360 is mainly price though.  My gaming budget is $360 a year.  I usually get the consoles as Christmas presents and then buy 20-35 games a year.  I purchase alot of games used so and then resell most games after I get tired of them.  If you have the patience the best time to buy a console is at the end of it's life cycle as I plan on doing with 360/PS3.  In a couple of years I can probably get both brand new for $400.  Not withstanding I could get 10 starter games to go with it for less than $200.  So for $600, I'll get most of the games I wanted for those systems and those systems.  At one time this was the price of a PS3.  Then I can purchase any other games I missed while I'm waiting for the PS4, Xbox 720, Wii 2 to come down to reasonable prices.  So bottom line, I just don't think current prices are substainable and I don't think the entertainment I'd get from them make it worthwhile.  But after a while it'll be worth it.   I know I'll miss out on the whole online thing but I'm rarely play online anyways. 

Early.

Then when i can't find a new game i'm interested in or I see a good deal.

Repeat until end of generation. The reasons i imagine are obvious.

I thought I'd put my specifics lower down in the topic, to make my original point clearer.

N64 - 3-4 years in I wasn't aware video games existed before then.
GC - US Launch, then on return to UK a few months later bought another for compatibility (yes, I was stupid)
Wii - UK Launch
GBC - 2 years in, again because I wasn't aware it existed.
GBA - US Launch
DS - UK Launch

Nintendo's bank accounts love me for buying full price.

N64: my first birthday after launch (about two months after it was released)

GC: my first birthday after launch (about two months after it was released)

Wii: Preordered online, received it about three weeks after launch

GBA: Bought at launch

DS: my sister got one at launch, I got mine nine months after (at the time when MK DS released, the first must-have title on the DS for me!)

I bought the DS and the Wii each on launch day, because they were both revolutionizing gameplay interfaces. Other than that... I've never bought anything ever.

I collected every single Game Boy (but 2) way after the fact, and when I was a youngster I just played whatever the family got, and whatever my friends had, and PC games, and arcade games.

But now that I'm a supergamer, I'll probably pick up Nintendo's next move at launch too, unless it's somehow magically unappealing.