A 1500+ page book could be written on this subject.
I have serviced electronics for about 30 years now. There are pros and cons to buying new when what you have that is older is still working. Too many to list of each, but generally people buy new when the prior device failed, or slows, or lacks features of a newer product. Others who are materialistic go through phases of always having to have new as a wealth status among their peers.
A chapter a piece could be set to each failure type with factual information from the last 70 years when electronics took off faster than ever after World War 2, with the lower cost Transistor in 1947 to that of what use to be Tubes prior, and set the start for IC's in the late 1960s early 1970s. Each chapter could state known problems with specific components and how to determine if they have this problem or not based on measurements or known bad batches or manufacturers parts that didnt last the test of time.
There was actually a time long ago that electronic devices which include light bulbs were lasting too long. People were buying them and then when they didnt fail the company that made the lightbulbs that last too long were soon saw a decline in sales not because no body wanted to buy their high quality products that didnt fail but because the product was not prone to failing and was lasting too long people were not buying what they didnt need since what they had was continuing to work.
Then some guy came up with this vision for the future called Planned Obsolescence, which kept customers happy only because they didnt know this was being implemented. Slowly products were not lasting as long and people were having to buy newer and replacing the old items because they are now being designed to have a specific life expectancy. So Light Bulbs were being designed to only last so many hours and if a batch lasted too long the company that made them would be given a fine for not keeping their products in check with other manufacturers light bulbs that were to only last a set amount of hours. There is an old antique light bulb in a fire house that has been lit non stop with exception to the occasional power outage for the last 100 years. The town this light bulb is located in actually had a 100 year birthday cake for a Light Bulb. People looking into this lightbulb as to why it hasnt failed found out that it was designed by a manufacturer that went out of business when their business failed due to its success in the bulbs lasting too long. There is a great video on youtube on this Planned Obsolescence that my one online friend in Canada shared with me.
In this day and age, we could surely design products to last many many years, but the fact of the matter is that if they did that, then the economy would crumble because sales would slow, people would lose their jobs in manufacturing, etc.
I am against planned obsolescence myself. Its extremely wasteful and the pollution that is created by it is the biggest problem. But not really a problem for the consumers because the consumers continue to consume and ship off the waste to 3rd world countries or countries with very weak laws against polution where heaps of our waste go and pollute the planet.
I generally keep computers long past the time that most people give up and buy newer. The only factor that causes me to buy newer is the fact that I am addicted to online gaming with friends and as games evolve and become more demanding on the hardware to process them, I have to keep up with the hardware required to play them. Otherwise if I wasnt a gamer, i'd probably still be running a Pentium II 450Mhz today with a Linux Distro to stretch the life of the computer.
So much to say, but dont want to ramble...