Worth knowing upfront: console prices have climbed a fair amount this year. Sony raised PS5 pricing in March 2026 (the standard disc console now sits at $649.99, Digital Edition at $599.99, and the PS5 Pro at $899.99), and Xbox followed with its own increase on August 1, 2026, pushing the Series X to $799.99 (disc) and $749.99 (digital), with Series S rising to $499.99 as the budget entry. If you already own a console, that makes squeezing more value out of it with the right accessories a better use of money than it was a year or two ago.
Short answer: extra storage is the single most useful upgrade for either platform, since modern game install sizes eat through the built-in drive fast. Beyond that, prioritize based on how you actually play: a good headset if you play with friends, a controller upgrade if you’re logging serious hours.
Storage: the upgrade almost everyone eventually needs
PS5 needs a specific M.2 NVMe SSD meeting Sony’s speed requirements, while Xbox Series X/S uses a simpler but pricier-per-gigabyte proprietary expansion card.
Both platforms support expandable storage, but the requirements differ. PS5 needs a specific M.2 NVMe SSD meeting Sony’s speed requirements, not just any SSD you find cheap. The WD_BLACK 2TB SN850P is officially licensed for PS5 and one of the most straightforward drop-in options. Xbox Series X/S uses a proprietary expansion card that’s simpler to install but usually costs more per gigabyte than the PS5 route, the Seagate 2TB Storage Expansion Card for Xbox Series X/S is the standard officially co-engineered option. Either way, budget for this earlier than you think you’ll need it, since a lot of current releases genuinely eat 100+ GB each.
Controllers worth considering
If your default controller feels fine, you don’t need to upgrade it. But if you’re noticing stick drift or want more customization, both platforms have premium options, the DualSense Edge for PS5 and the Xbox Elite Series 2 for Xbox, both offering swappable parts and more precise tuning than the stock controller. See our full controller guide for specific picks and pricing.
Headsets and audio
A dedicated gaming headset makes a bigger difference for console multiplayer than people expect, mostly because built-in TV speakers and the console’s default audio mix aren’t built for hearing footsteps or callouts clearly. This doesn’t need to be expensive, see our headset guide for solid picks under $100.
Bottom line
Storage first, since it’s the upgrade you’ll actually run into a wall without. Controller and audio upgrades after that come down to how you personally play, not a universal must-have.