When Nintendo announced Wii U prices on Thursday, I was pleasantly surprised. Here in the United Kingdom, the basic model will begin at £249.99 (approx. $406), which is just £30 (approx. $48) more than the entry-level PS Vita — a handheld console, and just £50 (approx. $81) more than the 6-year-old PlayStation 3.

That's pretty good if you ask me, but one analyst believes it's too expensive, and that the Wii U will see a price reduction in 2013.

Wedbush analyst Michael Pachter told CVG: "We think that Wii U's price points are appropriate given likely demand from Nintendo's core fanbase, but believe that pricing will be too high to sustain demand given current competition from other consoles and tablets."

However, Pachter doesn't believe that Nintendo made a mistake with its initial Wii U pricing. In fact, he believes that the Japanese company's pricing model is spot-on right now: Sell the device to hardcore gamers and diehard fans for as much as possible at first, then reduce the price for everyone else.

Pachter continued: "In our view, Nintendo was smart to introduce the Wii U at higher price points in order to maximize initial sales from its core audience."

Pachter doesn't expect the price cut to happen until summer 2013, so whether or not you can wait until then to save yourself some cash is the big question. I know I couldn't.

What do you think of the Wii U's price tag?

[Via: CVG]