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Gaming is an expensive hobby, there's no doubt about it. After sinking in the initial investment, the cost of games, subscriptions, and peripherals add to the growing price tag of gaming. If you aren't paying attention, you might find yourself spending a lot more than $400 just to take the next step in the evolution of gaming. So with so many choices out there right now, what platform, PC, Steam Machine, or console, offers the best value in gaming? Let's take a look.

Hardware

We're going to be comparing the hardware of the PS4, Xbox One, Alienware Steam Machine, and a home-built PC. This obviously isn't a 1:1 comparison. While you can whittle down component costs on a custom PC through careful shopping, the other 3 have custom hardware as part of the packaged deal. The hypothetical PC we put together for comparison is better than a pre-built console in most areas, but lacks an optical drive and other pack-ins, and costs around $400-$430. The PC also doesn't include an OS. Linux doesn't cost anything but your time, but if you want Windows, add another $80-$200.

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In terms of entry costs for hardware, consoles are the clear value winner. Mass production in enormous quantities gives them an advantage, and as time marches on, the disparate parts and pieces that go into consoles become cheaper. The value on consoles becomes even more apparent when you factor in frequent retail bundles and seasonal price drops. Getting a game or two with the base console makes the appeal that much greater, but many times GPUs will also include a free game with purchase. The Alienware Steam Machine wins out in terms of pure power against the consoles, but costs $100 more.

Software

Most of the latest and biggest games will find their way to all the platforms, and the prices are generally the same. Big AAA titles cost $60 in the US, whether the version is PC, Xbox One, or PS4. The real difference in software comes with the passage of time. If you can wait to get your hands on the hottest, biggest games, the prices on PC tend to fall off much quicker than the prices on consoles. On top of that, they also see greater price reductions when they're on sale.

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If you're willing to wait it out, Steam will offer a better value much sooner than identical games on consoles. Steam's frequent sales mean that patient gamers practically never need to pay full price for a game, even when the game is still full-priced on consoles. This means that given a long enough time line, the extra costs involved with the PC are countered and then exceeded by the savings presented by game deals. However, there are a few important things to note:

The larger savings on Steam are limited to sales, and sometimes only during special promotions during sales. So not only is there a waiting period to enjoy the reduced prices versus consoles, there are often limited windows in which the biggest savings can be enjoyed.

Prices on digital games tend to remain the same on consoles, but the price on used, physical copies of games. A pre-owned, console version of Middle-earth: Shadow of Mordor is less expensive than Middle-earth: Shadow of Mordor on Steam when the game isn't on sale.

The Alienware runs SteamOS, which means that only games that have been ported to run in Linux will work with the machine. In other words, the savings on games can't be fully taken into account. While the number of Steam games that run in Linux continues to grow, there are still huge gaps in the library, especially when it comes to AAA games.

Peripherals

Consoles come with controllers, and the Alienware is no exception. The price of all three includes a controller in the box, so you can start playing games immediately. As priced, the PC doesn't have any input devices included. However, the Xbox 360, Xbox One, and Steam controllers all work with Windows 10, and there is a device driver wrapper that can make the DualShock 4 work with PC as well.

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PC gaming purists will tell you if you aren't using a mouse and keyboard, you're wasting your time, so if you're looking to get a cheap keyboard and mouse for PC, add another $50 to the price. There are well-reviewed and inexpensive mouse and keyboards on Amazon that will have you gaming quickly. But while the bare minimum will keep you on your tidy budget, the sky's the limit when it comes to input devices on PC. Consoles are generally limited for input devices to variations on the same base controller.

Services

Steam is a free service, and if you want to play online matches on PC, you need to be hooked to the internet. Both Xbox Live and PlayStation Network have free options for their online services, but if you want to fully realize the features of both, you need to have a subscription. Sales abound, but the base price for either service is $60, making the PC and Steam Machine clear winners again.

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The Value Winner Is...

Taken objectively, from a pure numbers stand-point, if you wanted to go out tomorrow and spend the money to be up and gaming by the end of the day, consoles win, hands down. They have all the cables, a controller, and the increase of hardware bundled with free software means anyone can start gaming right away. For immediate value, consoles win. For long-term value, however, you really can't beat a Steam Machine or a custom PC. The huge library of games available on Steam, from big-budget to clever indie, and the realization in savings over the long term with sales and free online services makes the Steam-side of thing a better value.

What it really comes down to are the basic economic principles of subjective theory of value. While consoles are definitely cheaper, you might value the option to upgrade, or the more powerful options available when it comes to a PC and to a lesser extent, the Alienware Steam Machine. Or you might just not care about any of the perks of PC gaming and value time not spent putting together a PC. Ultimately, price is easily quantifiable, while value is wholly in the realm of individual taste. In the end, however, it's all about the games.

Seth Macy is IGN's weekend web producer and just wants to be your friend. Follow him on Twitter @sethmacy or check out Seth Macy's Youtube.