Many of us have had a PS4 or an Xbox One since launch. In that time, it's natural that you'd have picked up a fair few games, especially thanks to Games with Gold and PS Plus.
As such, you may have grown rather attached to your current console, and the idea of leaving it behind and moving somewhere new with no games isn't all that attractive.
Thankfully, backwards compatibility seems to be one of the big focuses of this upgrade, which should make things a little more inviting.
So, will you have to buy your PS4 and Xbox One games again for the next-gen?
Will you need to buy PS4 and Xbox One games again on PS5 and Xbox Series X?
The answer to this is no. The backwards compatibility on both consoles has been confirmed, and while Sony has only said that most of their games will be backwards compatible, it looks like Microsoft are going one step further.
You see, the Xbox Series X will be able to play Xbox One games, some Xbox 360 games, and even some original Xbox games.
That means you'll have every Xbox generation there has ever been available on your Xbox Series X. The PS5, unfortunately, is only doing it with PS4 games, so we'll be missing out on some excellent PS1, PS2, PS3, and PS Vita games.
Read more: Every Xbox Series X game that’s confirmed
Will backwards compatibility be digital, physical, or both?
This is where things get a little murkier. Now, logically things will definitely be physical, but digital backwards compatibility isn't as certain.
The thing that's key here is whether or not your purchases will actually carry over. It's all good and well games being available on the new consoles, but if you have to buy them again then it's not great.
Theoretically, we'll all be using the same accounts we currently have, and that means our purchases might come with us, but there's not been a 100% clear answer on it as of yet.
Read more: Is the next-gen launch window unrealistic?