diff --git a/core/app/models/concerns/spree/default_price.rb b/core/app/models/concerns/spree/default_price.rb
index a6507fe4606..9669f2f9788 100644
--- a/core/app/models/concerns/spree/default_price.rb
+++ b/core/app/models/concerns/spree/default_price.rb
@@ -41,7 +41,11 @@ def default_price
     end
 
     def has_default_price?
-      default_price.present? && !default_price.discarded?
+      if Spree::Config.soft_deleted_prices
+        default_price.present? && !default_price.discarded?
+      else
+        default_price.present?
+      end
     end
   end
 end
diff --git a/core/app/models/concerns/spree/deprecated_soft_deletable.rb b/core/app/models/concerns/spree/deprecated_soft_deletable.rb
new file mode 100644
index 00000000000..977c07a0385
--- /dev/null
+++ b/core/app/models/concerns/spree/deprecated_soft_deletable.rb
@@ -0,0 +1,61 @@
+# core/app/models/concerns/spree/deprecated_soft_deletable.rb
+
+module Spree
+  module DeprecatedSoftDeletable
+    extend ActiveSupport::Concern
+
+    SOFT_DELETE_DEPRECATION_MSG = ->(method, suggestion) {
+      "`Spree::Price##{method}` is deprecated and will be removed in a future version of Solidus. #{suggestion}"
+    }.freeze
+
+    included do
+      scope :kept, -> {
+        Spree.deprecator.warn(
+          SOFT_DELETE_DEPRECATION_MSG.call(
+            "kept",
+            "Filter by variant availability via `joins(:variant).merge(Spree::Variant.kept)` instead."
+          )
+        )
+        unscope(where: :deleted_at).where(deleted_at: nil)
+      }
+
+      scope :discarded, -> {
+        Spree.deprecator.warn(
+          SOFT_DELETE_DEPRECATION_MSG.call(
+            "discarded",
+            "There will be no discarded prices once the deleted_at column is removed."
+          )
+        )
+        unscoped.where.not(deleted_at: nil)
+      }
+
+      scope :with_discarded, -> {
+        Spree.deprecator.warn(
+          SOFT_DELETE_DEPRECATION_MSG.call(
+            "with_discarded",
+            "After removal, all prices will be returned by default without filtering."
+          )
+        )
+        unscoped
+      }
+    end
+
+    INSTANCE_METHOD_SUGGESTIONS = {
+      discard: "Discard the parent variant with `variant.discard` instead.",
+      discard!: "Discard the parent variant with `variant.discard!` instead.",
+      undiscard: "Prices will not be individually soft-deleted; this has no equivalent.",
+      undiscard!: "Prices will not be individually soft-deleted; this has no equivalent.",
+      discarded?: "Check the parent variant's discarded state with `variant.discarded?` instead.",
+      kept?: "Check the parent variant's kept state with `variant.kept?` instead."
+    }.freeze
+
+    INSTANCE_METHOD_SUGGESTIONS.each_key do |m|
+      define_method(m) do
+        Spree.deprecator.warn(
+          SOFT_DELETE_DEPRECATION_MSG.call(m, INSTANCE_METHOD_SUGGESTIONS[m])
+        )
+        super()
+      end
+    end
+  end
+end
diff --git a/core/app/models/concerns/spree/soft_deletable.rb b/core/app/models/concerns/spree/soft_deletable.rb
index 8a07fff9363..beca3ed42b5 100644
--- a/core/app/models/concerns/spree/soft_deletable.rb
+++ b/core/app/models/concerns/spree/soft_deletable.rb
@@ -10,7 +10,7 @@ module SoftDeletable
       include Discard::Model
       self.discard_column = :deleted_at
 
-      default_scope { kept }
+      default_scope { where(deleted_at: nil) }
     end
   end
 end
diff --git a/core/app/models/spree/price.rb b/core/app/models/spree/price.rb
index 36a957468db..659e2e76d97 100644
--- a/core/app/models/spree/price.rb
+++ b/core/app/models/spree/price.rb
@@ -3,6 +3,7 @@
 module Spree
   class Price < Spree::Base
     include Spree::SoftDeletable
+    include DeprecatedSoftDeletable
 
     MAXIMUM_AMOUNT = BigDecimal('99_999_999.99')
 
diff --git a/core/app/models/spree/product/scopes.rb b/core/app/models/spree/product/scopes.rb
index 2ec103ec7d5..72aa938bdc2 100644
--- a/core/app/models/spree/product/scopes.rb
+++ b/core/app/models/spree/product/scopes.rb
@@ -179,8 +179,13 @@ def self.property_conditions(property)
           end
 
           scope :with_master_price, -> do
-            joins(:master).where(Spree::Price.where(Spree::Variant.arel_table[:id].eq(Spree::Price.arel_table[:variant_id])).arel.exists)
+            price_scope = Spree::Price.where(Spree::Variant.arel_table[:id].eq(Spree::Price.arel_table[:variant_id]))
+            unless Spree::Config.soft_deleted_prices
+              price_scope = price_scope.unscope(where: :deleted_at)
+            end
+            joins(:master).where(price_scope.arel.exists)
           end
+
           # Can't use add_search_scope for this as it needs a default argument
           def self.available(available_on = nil)
             with_master_price
diff --git a/core/app/models/spree/variant.rb b/core/app/models/spree/variant.rb
index 387d6ba14dc..b2156526613 100644
--- a/core/app/models/spree/variant.rb
+++ b/core/app/models/spree/variant.rb
@@ -59,7 +59,7 @@ class Variant < Spree::Base
     has_many :images, -> { order(:position) }, as: :viewable, dependent: :destroy, class_name: "Spree::Image"
 
     has_many :prices,
-      -> { with_discarded },
+      -> { unscope(where: :deleted_at) },
       class_name: 'Spree::Price',
       dependent: :destroy,
       inverse_of: :variant,
@@ -131,18 +131,20 @@ def self.suppliable
     # @param pricing_options A Pricing Options object as defined on the price selector class
     # @return [ActiveRecord::Relation]
     def self.with_prices(pricing_options = Spree::Config.default_pricing_options)
-      where(
-        Spree::Price.
-          where(Spree::Variant.arel_table[:id].eq(Spree::Price.arel_table[:variant_id])).
-          # This next clause should just be `where(pricing_options.search_arguments)`, but ActiveRecord
-          # generates invalid SQL, so the SQL here is written manually.
-          where(
-            "spree_prices.currency = ? AND (spree_prices.country_iso IS NULL OR spree_prices.country_iso = ?)",
-            pricing_options.search_arguments[:currency],
-            pricing_options.search_arguments[:country_iso].compact
-          ).
-          arel.exists
-      )
+      price_scope = Spree::Price.
+        where(Spree::Variant.arel_table[:id].eq(Spree::Price.arel_table[:variant_id])).
+        # This next clause should just be `where(pricing_options.search_arguments)`, but ActiveRecord
+        # generates invalid SQL, so the SQL here is written manually.
+        where(
+          "spree_prices.currency = ? AND (spree_prices.country_iso IS NULL OR spree_prices.country_iso = ?)",
+          pricing_options.search_arguments[:currency],
+          pricing_options.search_arguments[:country_iso].compact
+        )
+
+      unless Spree::Config.soft_deleted_prices
+        price_scope = price_scope.unscope(where: :deleted_at)
+      end
+      where(price_scope.arel.exists)
     end
 
     # @return [Spree::TaxCategory] the variant's tax category
diff --git a/core/app/models/spree/variant/price_selector.rb b/core/app/models/spree/variant/price_selector.rb
index b61d1acc5cb..e9e44cc861b 100644
--- a/core/app/models/spree/variant/price_selector.rb
+++ b/core/app/models/spree/variant/price_selector.rb
@@ -39,13 +39,18 @@ def price_for_options(price_options)
       #
       # @return [Array<Spree::Price>]
       def sorted_prices_for(variant)
-        variant.prices.select do |price|
-          variant.discarded? || price.kept?
-        end.sort_by do |price|
+        prices = variant.prices
+
+        # Filter out discarded prices for undiscarded variants only if we allow soft-deleted prices
+        if Spree::Config.soft_deleted_prices
+          prices = prices.select { |price| variant.discarded? || price.kept? }
+        end
+
+        prices.sort_by do |price|
           [
             price.country_iso.nil? ? 0 : 1,
             price.updated_at || Time.zone.now,
-            price.id || Float::INFINITY,
+            price.id || Float::INFINITY
           ]
         end.reverse
       end
diff --git a/core/lib/generators/solidus/install/templates/config/initializers/spree.rb.tt b/core/lib/generators/solidus/install/templates/config/initializers/spree.rb.tt
index 8512588b178..2a242b64e54 100644
--- a/core/lib/generators/solidus/install/templates/config/initializers/spree.rb.tt
+++ b/core/lib/generators/solidus/install/templates/config/initializers/spree.rb.tt
@@ -24,6 +24,9 @@ Spree.config do |config|
   # Uncomment to recalculate cart prices when the cart changes
   # config.recalculate_cart_prices = true
 
+  # Whether there are soft-deleted prices are in the system. Should be off for new apps.
+  config.soft_deleted_prices = false
+
   # Defaults
   # Permission Sets:
 
diff --git a/core/lib/spree/app_configuration.rb b/core/lib/spree/app_configuration.rb
index 4b285f79c50..a514c6a5687 100644
--- a/core/lib/spree/app_configuration.rb
+++ b/core/lib/spree/app_configuration.rb
@@ -257,6 +257,10 @@ class AppConfiguration < Preferences::Configuration
     #   @return [Boolean] Allows shipments to be ready to ship regardless of the order being paid if false (default: +true+)
     preference :require_payment_to_ship, :boolean, default: true # Allows shipments to be ready to ship regardless of the order being paid if false
 
+    # @!attribute [rw] soft_deleted_prices
+    #   @return [Boolean] Whether there are soft-deleted prices in the system
+    preference :soft_deleted_prices, :boolean, default: true
+
     # @!attribute [rw] return_eligibility_number_of_days
     #   @return [Integer] default: 365
     preference :return_eligibility_number_of_days, :integer, default: 365
diff --git a/core/lib/spree/testing_support/dummy_app.rb b/core/lib/spree/testing_support/dummy_app.rb
index d0c9d7e69de..aca5ce386d8 100644
--- a/core/lib/spree/testing_support/dummy_app.rb
+++ b/core/lib/spree/testing_support/dummy_app.rb
@@ -164,4 +164,6 @@ class Application < ::Rails::Application
     config.image_attachment_module = 'Spree::Image::PaperclipAttachment'
     config.taxon_attachment_module = 'Spree::Taxon::PaperclipAttachment'
   end
+
+  config.soft_deleted_prices = false
 end
diff --git a/core/lib/tasks/solidus/delete_soft_deleted_prices.rake b/core/lib/tasks/solidus/delete_soft_deleted_prices.rake
new file mode 100644
index 00000000000..32a352ddd70
--- /dev/null
+++ b/core/lib/tasks/solidus/delete_soft_deleted_prices.rake
@@ -0,0 +1,22 @@
+# frozen_string_literal: true
+
+namespace :solidus do
+  desc <<~DESC
+    Permanently deletes Spree::Price records that have been soft-deleted
+    (deleted_at IS NOT NULL). Run this before upgrading to Solidus 5.0,
+    which removes the deleted_at column from spree_prices entirely.
+  DESC
+
+  task delete_soft_deleted_prices: :environment do
+    scope = Spree::Price.unscoped.where.not(deleted_at: nil)
+    count = scope.count
+
+    if count.zero?
+      puts "No soft-deleted prices found. Nothing to do."
+    else
+      puts "Found #{count} soft-deleted price(s). Deleting permanently..."
+      scope.delete_all
+      puts "Done."
+    end
+  end
+end
diff --git a/core/spec/lib/spree/app_configuration_spec.rb b/core/spec/lib/spree/app_configuration_spec.rb
index e699c195e4e..ad19701a3a1 100644
--- a/core/spec/lib/spree/app_configuration_spec.rb
+++ b/core/spec/lib/spree/app_configuration_spec.rb
@@ -3,7 +3,7 @@
 require 'rails_helper'
 
 RSpec.describe Spree::AppConfiguration do
-  let(:prefs) { Spree::Config }
+  let(:prefs) { described_class.new }
 
   around do |example|
     with_unfrozen_spree_preference_store do
@@ -56,6 +56,10 @@
     expect(prefs.mergeable_orders_finder_class).to eq Spree::MergeableOrdersFinder
   end
 
+  it "allows soft-deleted prices by default" do
+    expect(prefs.soft_deleted_prices).to be true
+  end
+
   context "deprecated preferences" do
     around do |example|
       Spree.deprecator.silence do
diff --git a/core/spec/lib/tasks/solidus/delete_soft_deleted_prices_spec.rb b/core/spec/lib/tasks/solidus/delete_soft_deleted_prices_spec.rb
new file mode 100644
index 00000000000..15a91a16f5a
--- /dev/null
+++ b/core/spec/lib/tasks/solidus/delete_soft_deleted_prices_spec.rb
@@ -0,0 +1,25 @@
+# frozen_string_literal: true
+
+require "rails_helper"
+
+RSpec.describe "solidus" do
+  describe "delete_soft_deleted_prices" do
+    include_context(
+      "rake",
+      task_path: Spree::Core::Engine.root.join("lib/tasks/solidus/delete_soft_deleted_prices.rake"),
+      task_name: "solidus:delete_soft_deleted_prices"
+    )
+
+    it "removes all prices with non-NULL deleted_at column", :silence_deprecations do
+      price = create(:price)
+
+      price.discard!
+
+      expect { price.reload }.not_to raise_error
+
+      task.invoke
+
+      expect { price.reload }.to raise_error(ActiveRecord::RecordNotFound)
+    end
+  end
+end
diff --git a/core/spec/models/spree/concerns/deprecated_soft_deletable_spec.rb b/core/spec/models/spree/concerns/deprecated_soft_deletable_spec.rb
new file mode 100644
index 00000000000..ae38084f307
--- /dev/null
+++ b/core/spec/models/spree/concerns/deprecated_soft_deletable_spec.rb
@@ -0,0 +1,170 @@
+# frozen_string_literal: true
+
+require "rails_helper"
+
+RSpec.describe Spree::DeprecatedSoftDeletable do
+  let(:hard_deletable_migration) do
+    Class.new(ActiveRecord::Migration[5.1]) do
+      def change
+        create_table(:hard_deletable_items) do |t|
+          t.primary_key :id
+          t.timestamp :deleted_at
+        end
+      end
+    end
+  end
+
+  let(:hard_deletable_item_class) do
+    Class.new(Spree::Base) do
+      include Spree::SoftDeletable
+      include Spree::DeprecatedSoftDeletable
+
+      def self.name
+        "HardDeletableItem"
+      end
+    end
+  end
+
+  let(:hard_deletable_item) { hard_deletable_item_class.new }
+
+  around do |example|
+    hard_deletable_migration.migrate(:up)
+    example.run
+    hard_deletable_migration.migrate(:down)
+  end
+
+  shared_examples "a deprecated soft-deletable method" do |method_names|
+    it "emits a deprecation warning" do
+      Array(method_names).each do
+        expect(Spree.deprecator).to receive(:warn).with(
+          a_string_including(method_name.to_s)
+        ).at_least(:once)
+      end
+      subject
+    end
+  end
+
+  describe "class-level scopes" do
+    describe ".kept" do
+      subject { hard_deletable_item_class.kept }
+
+      include_examples "a deprecated soft-deletable method", :kept
+
+      it "returns only non-deleted records", :silence_deprecations do
+        hard_deletable_item_class.create!
+        expect(subject.count).to eq(1)
+        hard_deletable_item_class.update(deleted_at: Time.current)
+        expect(subject.count).to eq(0)
+      end
+    end
+
+    describe ".discarded" do
+      subject { hard_deletable_item_class.discarded }
+
+      include_examples "a deprecated soft-deletable method", :discarded
+
+      it "returns only deleted records" do
+        hard_deletable_item_class.create!(deleted_at: Time.current)
+        allow(Spree.deprecator).to receive(:warn)
+        expect(subject.count).to eq(1)
+      end
+    end
+
+    describe ".with_discarded" do
+      subject { hard_deletable_item_class.with_discarded }
+
+      include_examples "a deprecated soft-deletable method", :with_discarded
+
+      it "returns all records regardless of deleted_at" do
+        hard_deletable_item_class.create!
+        hard_deletable_item_class.create!(deleted_at: Time.current)
+        allow(Spree.deprecator).to receive(:warn)
+        expect(subject.count).to eq(2)
+      end
+    end
+  end
+
+  describe "instance methods" do
+    describe "#discard" do
+      subject { hard_deletable_item.discard }
+
+      include_examples "a deprecated soft-deletable method", :discard
+
+      it "sets deleted_at" do
+        allow(Spree.deprecator).to receive(:warn)
+        expect { subject }.to change { hard_deletable_item.deleted_at }.from(nil)
+      end
+    end
+
+    describe "#discard!" do
+      subject { hard_deletable_item.discard! }
+
+      include_examples "a deprecated soft-deletable method", :discard
+
+      it "sets deleted_at" do
+        allow(Spree.deprecator).to receive(:warn)
+        expect { subject }.to change { hard_deletable_item.deleted_at }.from(nil)
+      end
+    end
+
+    describe "#undiscard" do
+      subject { hard_deletable_item.undiscard }
+
+      before { hard_deletable_item.update!(deleted_at: Time.current) }
+
+      include_examples "a deprecated soft-deletable method", :undiscard
+
+      it "clears deleted_at" do
+        allow(Spree.deprecator).to receive(:warn)
+        expect { subject }.to change { hard_deletable_item.deleted_at }.to(nil)
+      end
+    end
+
+    describe "#undiscard!" do
+      subject { hard_deletable_item.undiscard! }
+
+      before { hard_deletable_item.update!(deleted_at: Time.current) }
+
+      include_examples "a deprecated soft-deletable method", :undiscard, :discarded
+
+      it "clears deleted_at" do
+        allow(Spree.deprecator).to receive(:warn)
+        expect { subject }.to change { hard_deletable_item.deleted_at }.to(nil)
+      end
+    end
+
+    describe "#discarded?" do
+      subject { hard_deletable_item.discarded? }
+
+      include_examples "a deprecated soft-deletable method", :discarded?
+
+      it "returns false when deleted_at is nil" do
+        allow(Spree.deprecator).to receive(:warn)
+        expect(subject).to be(false)
+      end
+
+      it "returns true when deleted_at is set" do
+        hard_deletable_item.deleted_at = Time.current
+        allow(Spree.deprecator).to receive(:warn)
+        expect(subject).to be(true)
+      end
+    end
+
+    describe "#kept?" do
+      subject { hard_deletable_item.kept? }
+
+      include_examples "a deprecated soft-deletable method", :kept?
+
+      it "returns true when deleted_at is nil" do
+        allow(Spree.deprecator).to receive(:warn)
+        expect(subject).to be(true)
+      end
+
+      it "returns false when deleted_at is set" do
+        hard_deletable_item.deleted_at = Time.current
+        allow(Spree.deprecator).to receive(:warn)
+        expect(subject).to be(false)
+      end
+    end
+  end
+end
diff --git a/core/spec/models/spree/product/scopes_spec.rb b/core/spec/models/spree/product/scopes_spec.rb
index d485bb61a66..1ad232ba52a 100644
--- a/core/spec/models/spree/product/scopes_spec.rb
+++ b/core/spec/models/spree/product/scopes_spec.rb
@@ -166,12 +166,26 @@
         end
       end
 
-      context "with soft-deleted master price" do
-        before { product.master.prices.discard_all }
+      context "with soft-deleted master price", :silence_deprecations do
+        before do
+          stub_spree_preferences(soft_deleted_prices: true)
+          product.master.prices.discard_all
+        end
 
         it "doesn't include the product" do
           expect(Spree::Product.available).to match_array([])
         end
+
+        context "if soft_deleted_prices preference is false" do
+          before do
+            stub_spree_preferences(soft_deleted_prices: false)
+            product.master.prices.discard_all
+          end
+
+          it "includes the product" do
+            expect(Spree::Product.available).to match_array([product])
+          end
+        end
       end
 
       context "with multiple prices" do
diff --git a/core/spec/models/spree/variant/scopes_spec.rb b/core/spec/models/spree/variant/scopes_spec.rb
index e1c9247415d..e6a45f5f41b 100644
--- a/core/spec/models/spree/variant/scopes_spec.rb
+++ b/core/spec/models/spree/variant/scopes_spec.rb
@@ -8,6 +8,10 @@
   let!(:variant_2) { create(:variant, product:) }
 
   describe ".with_prices" do
+    let(:pricing_options) { Spree::Config.pricing_options_class.new }
+
+    subject { Spree::Variant.with_prices(pricing_options) }
+
     context "when searching for the default pricing options" do
       it "finds all variants" do
         expect(Spree::Variant.with_prices).to contain_exactly(product.master, variant_1, variant_2)
@@ -16,6 +20,7 @@
 
     context "when searching for different pricing options" do
       let(:pricing_options) { Spree::Config.pricing_options_class.new(currency: "EUR") }
+
       context "when only one variant has price in Euro" do
         before do
           variant_1.prices.create(amount: 99.00, currency: "EUR")
@@ -23,7 +28,7 @@
 
         context "and we search for variants with only prices in Euro" do
           it "finds the one variant with a price in Euro" do
-            expect(Spree::Variant.with_prices(pricing_options)).to contain_exactly(variant_1)
+            expect(subject).to contain_exactly(variant_1)
           end
         end
       end
@@ -33,8 +38,6 @@
       let(:france) { create(:country, iso: "FR") }
       let(:pricing_options) { Spree::Variant::PricingOptions.new(country_iso: "FR", currency: "EUR") }
 
-      subject { Spree::Variant.with_prices(pricing_options) }
-
       before do
         variant_1.prices.create!(currency: "EUR", country: france, amount: 10)
         variant_1.prices.create!(currency: "EUR", country: nil, amount: 10)
@@ -42,6 +45,23 @@
 
       it { is_expected.to eq([variant_1]) }
     end
+
+    context "if variant's prices are discarded", :silence_deprecations do
+      before do
+        variant_1.prices.discard_all
+      end
+
+      it { is_expected.to include(variant_1) }
+    end
+
+    context "if variant's prices are discarded and soft deleted prices is false", :silence_deprecations do
+      before do
+        stub_spree_preferences(soft_deleted_prices: true)
+        variant_1.prices.discard_all
+      end
+
+      it { is_expected.not_to include(variant_1) }
+    end
   end
 
   specify ".descend_by_popularity" do
diff --git a/core/spec/models/spree/variant_spec.rb b/core/spec/models/spree/variant_spec.rb
index e36c6351cf4..0b5064bd609 100644
--- a/core/spec/models/spree/variant_spec.rb
+++ b/core/spec/models/spree/variant_spec.rb
@@ -350,7 +350,9 @@
       expect(variant.default_price.attributes).to eq(price.attributes)
     end
 
-    context "when the variant and the price are both soft-deleted" do
+    context "when the variant and the price are both soft-deleted", :silence_deprecations do
+      before { stub_spree_preferences(soft_deleted_prices: true) }
+
       it "will use a deleted price as the default price" do
         variant = create(:variant, deleted_at: 1.day.ago)
         variant.prices.each { |price| price.discard }
@@ -358,7 +360,9 @@
       end
     end
 
-    context "when the variant is not soft-deleted, but its price is" do
+    context "when the variant is not soft-deleted, but its price is", :silence_deprecations do
+      before { stub_spree_preferences(soft_deleted_prices: true) }
+
       it "will not use a deleted price as the default price" do
         variant = create(:variant)
         variant.prices.each { |price| price.discard }
@@ -397,7 +401,9 @@
       end
     end
 
-    context 'when default price is discarded' do
+    context 'when default price is discarded', :silence_deprecations do
+      before { stub_spree_preferences(soft_deleted_prices: true) }
+
       it 'returns false' do
         variant = create(:variant, price: 20)
 
@@ -870,7 +876,7 @@
     describe 'default_price' do
       let!(:previous_variant_price) { variant.default_price }
 
-      it "should not discard default_price" do
+      it "should not discard default_price", :silence_deprecations do
         variant.discard
         variant.reload
         expect(previous_variant_price.reload).not_to be_discarded