Where have all the cheap full-frame cameras gone? I’m holding out for a cut-price hero but in today’s economic climate, am I being unrealistic?

Let me make it clear that my first impressions of the Nikon Z5 II – I’ve only handled it briefly just this morning – have been extremely positive. Its specs blast the original out of the water and with top-tier features such as Nikon’s latest image processor and RAW video, I think the price increase from the original Nikon Z5 is justified. But $1,699 / £1,599 / AU$2,699 is a lot of money for what occupies the ‘Big N’s’ entry point into full-frame mirrorless cameras.

And Nikon’s in good company; the Canon EOS R8 retails for a similar price and the Sony A7C can be found for well under $2,000 / £2,000. But when I say cheap full-frame camera, I guess I’m predominantly thinking about the original Nikon Z5 and the Canon EOS RP. The former launched in 2020 for $1,399, while the latter launched the year before at $1,299.

So, I’m going to put some monetary figures where my mouth is by adjusting these prices for inflation. For simplicity’s sake, I’m only going to look at US prices. According to US Inflation Calculator, the Nikon Z5 at $1,399 would cost $1,724.79 if it were launched today. Suddenly, $1,699 doesn’t look too shabby… Let’s try the Canon EOS RP. At $1,299 it would have cost $1,548.20 were it launched in 2023 – the same year as the R8 – which cost $1,499 at launch.

Of course, inflation isn't the be-all and end-all when it comes to an item's perceived value due to so many external factors. For starters, the current cost of living means many of us have less to spend on luxury items, and with the recent Trump tariffs announcement, it's hard to escape economic uncertainty.

Another factor, that's perhaps not talked about enough, is the big step up in tech. And while it's not always the case, the Nikon Z5 II and Canon EOS R8 are hardly incremental updates over their respective predecessors. All of this leads me to believe the price increases – for these two cameras at least – are warranted.

It’s also worth pointing out that there are other affordable full-frame cameras out there. If you’re willing to plump for an older camera, you can still pick up the Sony A7 III new for a considerable discount on its original RRP. I’m talking well under $2,000 / £1,500. And you can pick up the Panasonic Lumix S9 for under $1,500 / £1,000 at the time of writing, and the Panasonic Lumix S5 II has plummeted to some great sale prices, too.

And yet, the entry point into today’s full-frame market is dominated by some pretty seriously specced cameras. There’s nothing that I’d call truly entry-level anymore. Is there a gap in the market for a truly cheap full-frame mirrorless camera? A camera that eschews a decent video spec, high-resolution EVF, and the latest AF algorithms for a cut-price RRP. I’m talking about a sub-$1,000 full-frame camera. If it existed, would you buy it?