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According to HD Guru, Sony is planning huge price cuts on their 2008 model HD TVs in May. Apparently Sony has been deeply saddened by loosing the number one spot to a slew of rivals and is taking steps to gain back the bragging rights. This is great news for consumers who will see price cuts between 20 and 25% on current models including the Bravia Line beginning in May.

This is awesome news even if you aren't interested in inflating Sony's ego. A move like this should force other major manufacturers to drop price, including Toshiba, Panasonic and even resellers like Westinghouse. Similarly this downward trend in pricing could force plasma TV prices to drop in order to remain competitive. A situation like this could do a lot stimulate the economy; mix the stimulus package with concern for the digital TV switchover, toss in drastically reduced prices and many consumers will easily find a reason to buy a new TV.

If you are in the market for a TV, you better wait a week or so until prices start dropping. If you aren't looking for a Sony brand LCD, put your purchase on hold until the end of the month to let manufacturers and retailers catch up to the price drops. There are few things more annoying than seeing the TV you just set up at home 25% cheaper a week later. If you have already purchased an HD TV be sure to check on the price guarantee many big box retailers have. If it looks like you will run out of time before your new Sony's price is corrected you may want to return it and pick one up when the price drops, watch out for restocking fees if you go this route.