So apparently a PS5 hit a marketplace in England and shows a £ 599 price tag which is almost $800. If that's the case, will be a hard pass for me until it drops.
As others have stated, never look at conversions from EU prices to US prices. Prices can vary greatly depending on not just VAT charges, but also currency valuations. I "lost" thousands of dollars when I lived in the US due to currency changes. Student loans I got from Norway didn't take into account that the USD was 6 Norwegian kroner for $1, then a few years later it was nearly 10nkr for $1. Tuition and rent stayed the same amount, but suddenly I had way less money.
Game services often take extra due to "simple" conversions, where a game is set at $60, and they convert it to 600nkr, even though it should be 560 (at the current currency). Steam is good about changing that, but PSN for instance usually just do a x10 conversion of $.
I ordered my original PS3 fat edition from Canada when it launched with two controllers and two games, and they shipped it in a giant box with a sticker "TOY GAME, value $20". No customs since it has to be valued at over $30 to be stopped (they then apply 25% VAT + customs fees). Saved $400ish compared to Norwegian prices. Bout six months after that, every shipment from Canada (at least that store) was stopped.
TLDR; European and US prices can vary greatly, but it is very rare for anything to be cheaper here no matter what country/currency you compare US prices to. Especially in electronics.
EDIT: You might be British though, in which case everything I said is moot, and you'll have to pay far more for it due to VAT, currency and the likes.
