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If you like FPS/Racing games, or like playing online, keep your Xbox.
Simple.
"In what could mark the beginning of the end for Gamecube in the UK, some retailers have started to sell the machine for as little as £39.99.
Accessories and software are also being reduced across the board. Mario Kart: Double Dash!! for £9.99, Mario Sunshine for £6.99 and WrestleMania X8 for a mere £5.99, and a selection of titles from the Players Choice range for £6.99 are some of the titles appearing in sales across the country".
If you can get a GC for 40 and classic games for £7 then i'd sell your Xbox if I were you.
Do you use it to play DVDs? The GC cant do this, but if you have a DVD player/pc or laptop that can play them no real porblem :) I live at uni halls so if anything i have too many dvd players to choose from ;)
Online play? The Gamecube has a few games that can be played online, but not many. If you dont play Xbox online, and no intention to, no problem.
Also are there any new Xbox releases coming out you want to play? I know conker/Perfect dark are "in the making". If there are and they are not far off id say put selling it off for a bit till you play these games. I did this with my PSOne, made sure i played all the games i wanted to play before selling it on, i forgot to do this with my dreamcast and i still look back and can see one or two games id like to of played. Maybe rent them from somewhere so you dont lose any extra money.
The thing with the Gamecube is, Gamecube exclusive games! Theres many games i personally see as worth buying a console for to play. Metroid/mario sunshine just two, and Resi Evil and the new Zelda are out soon. Sure many others could give you a long list of them ;-)
Argos is selling the console for £40 atm (not an official price drop so i dont know how long it will last or anything) maybe you could afford it as well as keeping the xbox? Also as your joining "late" as it were you can prob find some AAA games in the player choice range or just cheap :-)
It really is personal choice, id go by listing the games you want to play/keep playing on Xbox and then the ones that are tempting you on the GC (which im sure someone will list).
:(
:D