How so? Model capability at a fixed hardware level has been consistently (and rapidly) increasing. You might or might not be able to run state of the art 2 (or 4 or whatever) years from now but you can reasonably expect the hardware to last upwards of a decade with model performance consistently improving over that time frame.
You can get a tolerable (at least by some metrics) experience using 10 year old hardware today.
And never underestimate the potential for enshittification. Your local rig will only deliver better performance over time as more and more tweaks come out. With cloud services expect the opposite to happen as subsidies run out. It's entirely possible that they will intersect on a bang per buck basis within two years.
Of course its gonna lose value faster if something magical happen with hardware manufacturing, but you'll likely get 25% back at least.
On other side you cant really predict how valuable claude max gonna be in a year because Anthropic can further enshittify it.