If like me you’ve got entry level versions of both the Xbox One and PS4, then you’re probably running out of space on those 500gb drives. There are many guides online on how easy it is to replace the internal hard drive on a PS4 and similarly how easy it is to add external storage to your Xbox One.
There are also numerous links to External USB Hard drives that are easy to open up and remove the drive ready to use in a PS4. The natural extension of this applies if you have both consoles and wish to upgrade the storage in each machine as cheaply as possible while still getting a decent drive.
First of all I purchased this drive (Affiliate link, I will receive commission if you purchase), various other sites recommend that the 2014 and 2015 editions are suitable for opening up. I took a punt on the 2016 version and am happy to report that this works fine too. Opening the case was just a matter of patience, took about 10 minutes working around the seam with a blade and then easing it open with a small screwdriver. There are little clips all the way round.
Once you’ve got the hard drive out, you can follow the guide here for the process to upgrade your PS4. A little note, when you get to Step 5 and need to reinstall the software, the most obvious download on the linked page will only give you the ‘update’ version of the firmware (it’s around 250mb), this won’t work. What you need to do is scroll down to the bottom of this page and click on “Perform a new installation of the system software”, Step 2 of these instructions has a new Download link which will give you the full upgrade file, (around 950mb so you know you’ve got the right one). Once you’ve got that you can follow the rest of the steps to install it on your new drive.
When you’ve got the old 500mb drive from your PS4, you can put that into the enclosure your new one came in, and hook that up via the included USB lead to your Xbox One. There are helpfully USB ports on the back of the machine so you can keep this tidy. Once connected your Xbox will ask if you wish to format it to use for games storage, hit yes and once the format is complete it’ll be ready for use.
2TB PS4 and a 1TB Xbox One for < £70. Bargain.
Note you don’t get the full advertised amounts of storage space, this is partly because some of it is reserved for system use and partly because of how data storage volumes are recorded, but you already knew that, right?