by Will Greenwald and Jeff Bakalar
(Updated October 1, 2007) 

Gaming isn't cheap. The Xbox 360 will set you back $350, and the PlayStation 3 is a wallet-busting $500, while new games for each console cost a hefty $60 a pop. Even the comparatively cheap Nintendo Wii will set you back $250--even more once you invest in extra controllers and accessories. Fortunately, you can have a great gaming experience without spending a fortune. The last-generation gaming consoles--the GameCube, the PlayStation 2, and the original Xbox--can be yours for less than $150 and have a massive install base in the tens of millions. Sony and Nintendo's current portables are quite affordable as well. And while a few new titles still run for $50, there are plenty of other games that make the bargain bin by varying means. The most popular bargain games are greatest hits titles--repackaged top sellers attempting to pull in even more cash. Others are bargain releases, developed on the cheap and set to sell at a low price, though more often than not, these are the ones to avoid. Finally, there's a bunch of critically praised games that just didn't catch on and, instead, had to resort to price cuts to liquidate remaining stock. We've listed our current favorite bargain game for each of the currently available consoles, portables, and the PC. Prefer older games? Check out our feature, "Retro gaming roundup," which includes reissues of some old favorites, almost all of which are available for less than $20 as well.

Editor's note: We've made it a point for our bargain pick to be widely available at almost all retailers for less than $20. Nevertheless, some may still be selling the "greatest hits" games for their original prices, while others may be selling used or refurbished copies of games.

PC gaming bargains

Although you can buy many PC games on the cheap, some (such as Half-Life 2: Aftermath) require pricey, high-end gaming rigs. Be sure to check a game's system requirements before purchasing. Just because it is cheap doesn't mean it'll look cheap. You should also be aware that many cheap PC games aren't actually games, per se. Many are expansion packs that add new content to existing, more expensive titles.

Microsoft Xbox 360 gaming bargains

For the Xbox 360, $30 is the new $20. Seeing as how new titles sell for 10 bucks more than those of previous-gen consoles, we shouldn't have been surprised that the system's bargain-bin games would be a slight bit higher, too. Microsoft's Xbox 360 Platinum Hits run $30, so we'll consider that the cutoff for this system's loss-leaders. Now that the 360 is more than a year old, however, you can actually find some decent games for less than $20.

Microsoft Xbox gaming bargains

Of the three console manufacturers, Microsoft was the first to give up the ghost on its last-generation gaming console, effectively stopping production on the Xbox when the 360 came out. The good news? More bargains! It's worth noting that a good amount of Xbox titles will play on the Xbox 360.

Sony PlayStation 3 gaming bargains

Unfortunately, PS3 games still run for $50 to $60. Since the system is so new, don't expect to see budget PS3 titles until springtime at the earliest. In the meantime, owners of the early versions of the console (the 20GB and 60GB models) are backwards compatible with nearly all PlayStation 2 games (see below). Compatibility on later models gets murkier: 80GB models have limited compatibility via software emulation, while forthcoming 40GB models will not play any PS2 titles at all. (Meanwhile, many older PlayStation 1 games should play on all systems.) You can check the title-by-title compatibility specifics of your particular model by visiting the PlayStation Web site.

Sony PlayStation 2 gaming bargains

By virtue of being the oldest system--and, by all accounts, the most popular home game consoel of all time--the PS2 has the widest selection of games, both bargain and full-priced. Moreover, new PS2s continue to be sold, and the system continues to be supported by software publishers. As mentioned above, many titles are compatible with some (but not all) versions of the PlayStation 3.

Sony PSP gaming bargains

Like the PS2, the PSP has an official bargain series in the form of the Greatest Hits line. The newly budget-priced games--ATV Offroad Fury: Blazin Trails, Ape Escape: On the Loose, Hot Shots Golf: Open Tee, Twisted Metal: Head On, and WipEout Pure--sell for $20 each, but plenty of other older titles are also in that price range.

Nintendo Wii gaming bargains

Like the PlayStation 3, the Wii is simply too young to have any bargain bin titles yet. Fortunately, a few new titles have been released with bargain pricing, and we've chosen our favorite from among them.

Nintendo GameCube gaming bargains

The GameCube was afflicted with the worst third-party support last generation, which led to a weak bargain gaming slate. Wii owners looking to see what they missed on the 'Cube will find only a handful of true gems that were GameCube exclusives. Thankfully, most of them are priced to move, including…

Nintendo DS gaming bargains

The Nintendo DS is currently the only system or portable that lacks a dedicated budget line. Fortunately, there are a few cheap games on the system already, and its backward-compatibility with GBA games presents a wide variety of budget titles.

Game Boy Advance gaming bargains

Like the PS2, the GBA is backward-compatible with ultracheap titles from the previous generation (Game Boy and Game Boy Color). Also like the PS2, it's getting fewer and fewer new games. Fortunately, the GBA already has a huge library, and nearly all of its titles can be played on the Nintendo DS. The so-called Player's Choice line includes such classic titles as Super Mario Advance, Mario & Luigi: Superstar Saga, and Yoshi's Island for less than $20 apiece, and plenty of other older games are available on the cheap.