I think it depends when in the cycle you buy. Yes if you buy at the same time the new console generation comes out, the console is probably going to be cheaper

I think it depends when in the cycle you buy. Yes if you buy at the same time the new console generation comes out, the console is probably going to be cheaper (if it's even available) due to economies of scale, and the fact that they may loss-lead since they make margins on game licensing. But console generations are long, and after a couple years, even low end PC components will catch up and exceed console performance. The PC component industry honestly does a great job of selling people things they largely don't need. Games mostly have to work on console, so it doesn't generally make a huge difference to have a GPU for instance which is 5-10x as powerful as the consoles, since the games are optimized for the consoles anyway. Yes you can go for high resolution or high frame-rates, but how much would you really miss it if you didn't have it?