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The Wait Is Over: Sony's PlayStation 4 Officially Goes On Sale

NEW YORK (CBSNewYork/AP) -- The wait is over for gamers.

For the first time in over seven years, new PlayStation and Xbox consoles are hitting stores this month.

Sony's PlayStation 4 officially went on sale Friday.

"You can't ask for a much more better system -- 8 GB of RAM, 500 GB of hard drive, it's going to be a lot smoother, a lot faster," one gamer told 1010 WINS' John Montone outside the Sony store on Madison Avenue and 56th Street.

The Wait Is Over: PlayStation 4 Goes On Sale

Microsoft's Xbox One is due out Nov. 22.

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Both are offering exclusive game titles in hopes of luring customers.

Sony expects to sell 5 million units of the PlayStation 4 by the end of its fiscal year in March. The PlayStation 3, in comparison, sold 3.5 million units in that time period seven years ago. Microsoft declined to offer a sales outlook for the Xbox One through the holidays, but demand should be comparable, says Wedbush analyst Michael Pachter. He expects 3 million Xbox Ones to be sold through December and 4.5 million through March.

The PS4 retails for about $400.

PlayStation 4 Goes On Sale
Fans wait in line to purchase one of 444 PS4s available at the PlayStation 4 North American official launch event presented by Sony Entertainment Network at The Standard, Highline on November 14, 2013. (Photo by Taylor Hill/Getty Images)

The Xbox One, which includes an updated Kinect motion sensor, will cost $500.

Neither the Xbox One nor the PlayStation 4 is backward compatible, meaning the machines don't play games that were made for their predecessors.

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