When is a good time to buy a gaming system?

After years and years of avoiding console gaming and exclusively playing pc games, I have given up and decided that I just don't have the time to invest in gaming computers.
I decided it is about time to join the masses and buy a console, likely an Xbox 360. The last console I bought was the Playstation 2 on release day and have ignored the industry since.

I browsed around a little bit and see that they are still selling for 200 bucks. I am hoping to pick up one cheap and was wondering if there is a time frame I should hold out for to find a good deal. I know I am in the midwinter slump and doubt there is going to be a sudden big sale but anyway I can save I'd go for it.

Appreciate all the help.

The next generation of consoles come out this holiday season. Save your $200 now and put it toward the newer systems.

I would look out for a used one. I completely disagree on waiting for the PS4 because it is not backwards compatible with PS3 games. Go check out the Cowboom console deal thread.
I would also advise against getting an xbox if you intend to play online because microsoft charges you to use the console online. Xbox has barely any exclusives too.

So to actually answer your question... Most people wait until after E3 because price drops. However, any time you can find a good deal and you're willing to start playing it when you buy it, you should go for it.

I doubt I will really get much out of a next gen system. To be honest, I have gone extreme casual and really am just looking for on and off gaming.

definitely wait until E3 (June) but most likely consoles probably won't drop in price until the new systems release this holiday

Definitely consider Cowboom, you can find some really good deals on there.

Also, I'd suggest comparing Xbox and PS3 exclusives to make sure you get the one that has more games you're interested in.