Console gaming can end up being way cheaper than PC gaming for just AAA gaming, but only in a very specific way. US consumer. Best Buy and Gamestop near you.
Buy games that are on BBY preorder bonus list, you end up paying $40+tax for a preorder purchase. Play for 3-5 weeks, trade in for $35-44 (as store credit), apply that credit towards the next game. Some games end up even cheaper due to extra promos. You end up "renting" games for $-5 to +$10, but of course you never own any of them so you can't go back 9 months later unless you rebuy it.
Frankly this model suits me way better, I prefer variety and get bored with many games fairly quickly. So its like a buffet, I get to try a little bite of everything and don't have any buyers remorse on games that totally end up not to my liking, and end up playing gems that I wouldn't expect - Tomb Raider and Syndicate were two of my favorite games, and I doubt I would have bought them in the regular PC/console model.
Another example - I bought 40+ (console) games during black friday, tried most of them and gave away about 30 to relatives/friends as Christmas presents. Paid around $800 for it all. Best Buy is running a 30% trade in bonus this week, I traded in every physical game I had yesterday and got $620 for it all. That will pay for most of the games I buy next year, and all of them will be traded in within a month of purchase.
I still do have a PC game machine and my steam library is 1800+ large (bundles) but I vastly prefer AAA games to smaller indie games, so console gaming and the trade cycle fits me much better. I'm hoping VR and Star Citizen will kick me into upgrading my PC.