Before I jump in and potentially waste $500, I know that I do not have a HDTV, so what (if anything) is possible to do to make the Xbox One compatible with my setup? If it even exists... should I buy some sort of transfer box? How would I connect such a transfer device to my non-HDTV to allow for HDMI compatibility? This compatibility error decides whether or not I get an Xbox, and I really want one, so what can I do about this?
you can always buy an HDTV, you can get a pretty decent 26 inch now for less then 200 bucks.
That is what I am trying to avoid, considering we need a 40inch which wont come less that $200. I am looking to be able to "play an Xbox One without spending more than it costs."
I believe there are adapters you can get, that will convert A/V to HDMI, and HDMI to A/V. Try Amazon or Ebay.
Get an HDTV at some point. In the meantime, stick with the 360. Games are still going to be coming out on it, so you can simply wait and get the Xbox One when you do have an HDTV and the One once its price has dropped.
What type of converter could I use for this? I am looking through converters, but they all have input for the av. I want output.
Mini on amazon makes a hdmi to a/v converter for about $36 and thats what im going to use for my xbox one.