If you don’t have the extra $150 to fork over for a PlayStation 3, you can still have your games at a hefty price.

Sony just announced a new PlayStation 3—just for Europe, Middle East, Africa and Australia. It will run cheaper, at EUR399 ($564), but has just 40GB of storage, versus the original 60GB. While that may seem great to those on a budget, you might have to use all of those pennies you pinched on new games—the new model will not support existing PS2 titles.

Other features include only two USB ports (down from four), a SIXAXIS wireless controller, Wi-Fi and HDMI connectivity. They also took away the multi-memory card port, says BBC News. In case you are wondering, they are sticking with the Blu-ray playback.

The new PS3 will be available in Europe starting October 10. The original 60GB PS3 Starter Pack will also get a price cut to EUR499 ($705), while supplies last.

Rachel Cericola - Contributing Writer

Over the past 15 years, Rachel Cericola has covered entertainment, web and technology trends. Check her out at www.rachelcericola.com.