The only way to see the kind of price cuts we became accustomed to in the "old days" is to wait for the new generation of consoles to come out and buy the previous ones used.

I lost a PS4 in the divorce and have been happily seeing the PS4 prices start to dip in the last month.

I remember in the 360 gen it was cause for celebration when 360 or PS3 got a price cut. New battle in console wars, new sales projections. Narratives changed on a dime lol. This gen I didn’t get that feeling. It was all “oh, neat”.

Also, the Gamecube's launch price was $199.  So it's important to note that was the result of only 2 price cuts ($199 to $149, and then $149 to $99).  The PS4 has had the same number of $50 incremental price cuts over its lifetime ($399 to $349, and $349 to $299).  

There seems to be several factors involved in the lack of price cuts.  The PS2 started at $300 and got down to $99 eventually.  The PS3 started at $500/$600 and eventually got down to $270/$300.  So the PS2 ended up at 1/3 of its launch price, but the PS3 was closer to 1/2.  And now the PS4 is only 3/4 of its launch price.  Who knows if it will get another price cut?  It seems like the big 3 don't want to drop the price like they used to.

But adding to this, I don't think PS4 had much competition during Generation 8.  The Wii U and XB1 basically failed on their own, so Sony didn't have much incentive to drop the PS4 price.  It kept selling well at $300 and what else are you going to buy?  PS4 was clearly the best option.  In Generation 7, the systems were a lot more compeitive with each other.

And now there is the Switch.  They can't keep enough stock on the shelves right now, so there is no way that Nintendo is going to drop the price.  So, at the moment there doesn't seem to be a lot of incentive for companies to drop the price.  The best people can get is some sort of holiday deal.

3DS dropped in price, generally as new models were introduced. The price dropped models then tended to fade out of the market.

Too much money printing all over world, devalued currencies. Inflated product prices and assets. Up they go.

Basically PS3 and 360 was competing for the same customers, hard. So there was a bunch of price cuts. Sony probably researched and realized customers were going to buiy a PS4 anyway regardless of a price cut, that's why there hasn't been any. Microsoft is not going to steal any market share with price cut. 

Nintendo always had its league of supporters and young children as base. 

They SHOULD announce a ps4 cut to $199 when they announce PS5 price. They keep holding out for a little more profit when they should have cut it to $199 in 2018 to get that install base. With BC that will sell the next gen too and long term profit

probably not? they are low on stock already, and as many people have stated, manufacturing prices are reletivly constant on a chip by chip basis. the news here is that ps4 is LOW ON STOCK globally and they arn't going to make more due to the imminent ps5, and they are possibly holding onto stock in the meantime for this holiday. same deal with the switch, exept in their case they are making as much as they could without upping the price, as getting new fabs is more expensive, espeically right now. so the price stays.

lets take a look in japan. in japan, the ps4 sold less this past week then the 3ds... this is clearly showing not only is it not selling much anyway, but that sony's trimming down on supply in general to meet sales numbers instead of a price cut. casue that makes them more money, especially since over there ps4 is at practical market saturation for a home console.