Agree with OP. I love gaming on my PC and since building it in 2011/12 I've spent almost nothing on it and bought tons of cheap games.

for me its also an issue of space. I just dont want to get a desktop as i dont have the space for it. Ive gotten used to laptops which suck for gaming...believe me ive tried. Maybe one day

Have you considered a Micro ATX build? You can build a PC not much bigger than a console like that. It is a bit harder to pick out the parts, but PC Partpicker usually does a good job at identifying incompatible parts.

no i havent. ill look into that

that holds true if you buy an amd gpu

You can reuse half the stuff in your next PC build anyway so the cost is variable.Keyboard, mouse, sound card, speakers, monitor, DVD drive, possibly even hard drives and the case (Probably not the PSU component)  are all usable in your next machine.

Yup. A lot of my parts (fans, case, network card, HDD and SSD) are going to be reused in my next build, whenever that may be. You can use the same CPU/MB for 5-7 years easy, and replace the GPU every 4 years. 

Umm, eventually your PC will become obselete and you will have to replace a huge chunk of it (the most expensive parts) if you want to run the latest software smoothly. You will not even be able to upgrade it easily since finding the parts won't be as easy (or cheap) as you might like.

With the fast pace of technology advancement espcially in the PC arena, I would say that 10 years is more than enough. Core 2 Duo (Intel's first 64-bit architecture) is only 7.5 years old but there is not much you can do today to upgrade it or the LGA775 motherboard that comes with it. Running a PCI-e 3.0 card on a PCI-e 1.x port doesn't make much sense. Your SATA III SSD won't run up to spec on the SATA II port on your motherboard (heck, current SSDs are being limited by SATA III). These things matter if you are a gamer. Don't forget PCs are less optimized than consoles. This might change with Steam OS/Mantle/GameWorks, though.

I swear I read somewhere that you said PC gaming will be much cheaper overall after you buy a rig, you may have edited or I may have misinterpreted. I definitely agree with what you say in regards to the hardware, I mean you can pay about 500$ for a PC equivalent to the power of the PS4 or Xbox One  if not better.

Right now I'm contemplating whether to build a PC with about 600$ and perhaps use some of my current PCs hardware such as the RAM  and CPU to get a decent rig or if I should go with a PS4 and a game or two. 

Absolutely agree just too much hassle and initial investment for me (college kid here). Maybe once I have a stable career (hopefully) I'll get into it but of course I'll always have Sony and Nintendo for their first party plus the social aspect.