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For video game fans, one of the most exciting times is when long-awaited next-generation consoles launch.

The anticipation peaked this month when Sony's PlayStation 5 and Microsoft's Xbox Series X and S, were made available to pre-order.

Several big national retailers including Best Buy, Target, GameStop and Walmart immediately sold out their allotments as soon as pre-orders launched online.

As video game players wait for the new Xbox Series X and PlayStation 5 systems to arrive in stores Nov. 10 and Nov. 12, respectively, some are wondering what to do with their PlayStation 4, Xbox One or other older consoles. Let's break down your options.

If you choose to part with your console

The first thing to do is make sure your device is cleared of any data. If you have a PlayStation Plus, Xbox Live, or other online account, be sure to log off and perform a factory reset on your device. That will remove any personal data previously saved.

Now, let's look at your options:

Keep it

Maybe that old console carries some sentimental value, or you like to keep it as part of a collection. No shame in hanging on to that PS4 or Xbox One for a while.

Sell it

You have a lot more options here. You can sell it to a big chain like GameStop or Best Buy, use an online service like Decluttr, or venture on your own and list it on a site like eBay.

One of the benefits trading in to a GameStop or Best Buy is it's typically an easier process. You can get an estimate for its value online, then mail it or physically deliver it to a store. However, most of the time you get in-store credit as opposed to cash. A site like Decluttr works similarly, minus the brick-and-mortar stores and you get paid directly instead of in-store credit.

Although it might require a little extra work on your end, if you want the money for your sale, it might be worth turning to eBay.

Let's look at the 1 TB model of the PlayStation 4 Pro as an example. You can buy it pre-owned for $369.99 at GameStop. The trade-in value at GameStop is currently $175. A search on eBay pulls up listing for used or refurbished consoles for roughly $300. Not only does the seller get more money, but they buyer ends up paying less then they might going through a major retailer.

Since it's eBay, be sure to do your homework and follow the prescribed steps to complete a successful sale.

Donate it

One cool perk on Decluttr is the option to donate the value of your used console to the charity of your choice. But there are other ways to spread the love of video games, whether you give away your console to a friend or family member or donate it to a Goodwill. Organizations like Gamers Outreach might also accept your donated console.