Well guy's, I'm sad to say that my Xbox 360 finally red ringed on me after 5 year's. Should I get a used Xbox 360 Elite or just wait and buy the Xbox One? Any comments would be highly appreciated.
Very sorry to hear that man. Fortunately its never happened to me. As for your question, I would just say wait and save up for the Xbox One. However the thing is though is that the Xbox One won't have backwards compatibility so that could be a major issue for you since you wouldn't have any use for your 360 games. So, I think the question is whether or not you're ok with giving up your 360 games or if you want to buy another 360, then save up and wait to get an Xbox One.
did you call microsoft about it yet? I remember mine was past warrienty but they still replaced it since it was red ring. That being said you can pick up an elite for super cheap if you know where to look.
If you have some games that you feel replaying in the future for nostalgic purposes, or just to replay games, I would suggest getting a used Xbox on eBay or Craigslist.. If not, I would just wait until the Xbox One releases.
That's really unfortunate, and I've been a victim as well. If Microsoft won't replace or fix your console, I'd pick up a slim. You'll probably have to get a transfer device as well, but the slims are much more reliable, and they're quiet.
Get a slim. They're still releasing some good games for it and the necessity to get an Xbox One out of the gate isn't all there. And it's a pretty long time until they come out, that's a pretty long stretch with no gaming. Though you've made it pretty far with that console if you are getting an RROD now.