No doubt, the Xbox 360 and PlayStation 3 are about finished. There might still be a couple titles coming out for each of those systems, but when, I don't know. Most stores will try to get whatever remaining stock they have of the older systems software, so with that in mind, let's get into the main discussion. Should you be going after the last generation consoles?
Personally, I would get into it now. There are a lot of titles that you can find for relatively low prices, especially for some of the base games. One of these examples is Grand Theft Auto IV. Not every store will be like this, but I saw it at GameStop for practically nothing. You can find a lot for PS3 and 360 for 20 dollars and under. There are exceptions like Ghostbusters from Atari and even kids games like Toy Story 3. For the most part however, the local stores and some GameStops should be fair enough with these two systems, both hardware and software.
What about Nintendo systems? To be honest, it's hard to discuss this company. The systems they have are the hardest to deal with due to expensive prices. No average person is going to waste 60 dollars on an N64 Mario Kart or a GameCube Smash Bros. Melee. For the Wii, it might be an exception for now. If you're dead set on getting that system, invest now on those games that are coveted. Odds are most of the shovelware and certain ports will stay very low, while something like a Zack and Wiki or Metroid Prime Trilogy will get higher prices. I wish I would recommend getting the system purely on the Virtual Console and its physical library, but with Nintendo shutting down the ability to add Wii Points in March, I can't put it high on the must buy list.
With handhelds, it shouldn't be too bad. The problem is finding all sorts of licensed junk. That is one of my gripes with the Game Boy Advance. It seemed like the later half of its life was littered with just about every Disney, Nickelodeon, and Cartoon Network show getting a game adaptation if it weren't a 16-bit port. The DS still has that problem, but there's still a rich library that you can have. Outside of some Nintendo games, it shouldn't be cost prohibitive. Try finding them at the local used stores. Finding them in the cases is critical.
In regards to the PSP, it's going to be very tough. Despite 70 million in hardware sold, it's library had a tough time finding audiences. Your best bet is seeing if the local used stores have them. Even then, it could be slim pickings with some baseball titles, a Syphon Filter game, and maybe some UMD movies typically seen in a small section. I'm not sure if price will be a huge problem as much as finding any games. You can still download some games, but not on a PSP. More so with a Vita or maybe PS3 if you can find anything or if they are compatible such as PS1 Classics.
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