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If you are just aiming for console level performance and graphics, you wouldn't have had to upgrade since 2006 or so. GPUs were more expensive then, but they were already ahead of consoles, especially PS3.
If you are only aiming for console specs (640x480 res, or maybe 720p, at 30 fps steady with 2 frame vsync) then you would be fine with the 8800 GTS or something similar that came out for around $300 in 2006-2007
Today if you buy a R9 280X or GeForce 760, you are already well ahead of consoles, and will remain so because consoles will always be what they are. You will probably always get to play console ports at 1080p with at least 30 fps, which is what the XB1 and PS4 are aiming for with most games.
Consoles have the advantage of low level API programming, but today's $300 cards make up for that with way more horespower and a much higher thermal envelope and power consumption allowances.
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