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I can't remember how much it costs exactly, because the last time I had to get a 360 fixed I had a warranty on it. However, I think it's somewhere between $100-$150. That's if you don't have a warranty.
I have a place local to me that will repair your Red Ring of Death for about $75. It's reasonable. You may be able to fix it yourself if you are handy with some basic tools and attend the University of YouTube.
Get on Ebay and buy a repair kit (around $15). You will be sent a link with precise instructions on how to fix the Red Ring of Death (which is what those three lights you see are called). We became pros at fixing our old XBox when this would happen (the repair kit is not a final cure, but you can get several months out of each repair - and the original repair kit will do several fixes).
Ultimately, you will have to replace your XBox - but you can put that expense off for awhile by repairing your broken one.
Pro: No Microsoft (red ringed Xbox) console with cords everywhere.
No subscriptions, free to play (F2P), unless you want pay to play (P2P).
Global social aspect. Communities, chats, trades, forums, etc.
Most games are Xbox gamepad friendly (WASD control is better).
All game genre are available.
Con: Adequate gameplay graphics quality compared to consoles like PS2 or Dreamcast.
(However, gameplay is exceptional compared to similar console titles).
Can only play online.
"Tweaking" games for your PC may be required.
Client downloads for better games.
(Although there're some decent playing games in the browser=no downloads).
So even in the cons there're couple pros.
If you were online with your Xbox and depending on
the title and you enjoy spending your money for membership...
you may be able to play it on a PC by logging into the Xbox site.
Moving over to PC gaming is not the right answer to a simple fix. If you get the RRoD fixed by someone who knows what they are doing, it will last. If you don't know what you're doing you will probably become an expert on the repair because you've done it so many times. Take it to a repair shop and get back in business. You can have it back before this repair kit even arrives.
I'm pretty good with tools and such, but I wouldn't attempt the RRoD fix myself unless I was comfortable with the idea of replacing the whole system because I did something stupid.
Moving consoles may not be the answer either... Though often suggested by people who have limited game catalogs.
Personally if my Xboxes went T-U. It's not just the price of the console, but the around $10k+ in games I'd be replacing some of which are exclusive (and a few that are very rare and pricey), and then replacement controllers, headsets and chargers. It's not just a $199.99 switch console fix for a PS3 for someone not owning one already.
Here's a link for support and submitting a repair request, it's $99.99 for shipping and repair, and will confirm whether your 360 is still under warranty, or if possible buy the Microsoft ESP, and then file a repair request in a couple of days once the ESP has been processed (the ESP is $24.99 a year).
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