I have an expensive phone. It's a Fold 6 - I got it after using a Fold 3 for 4 years, and replacing it when the outer screen of all things stopped working, and the trade-kn on my old phone was still worth like $1,200 towards the new one even with a broken screen.

I used to get a new-model mid-range phone every year or 2. Now when I buy I go for the previous year's flagship and use it for a longer period. Financially it's probably a wash, though I know I could absolutely be spending less and be just fine.

But it's the piece of personal tech I interact with the most and for that I'm able to afford it, so I'm willing to spend the money.