A few questions I like to ask myself before getting a new device (replace phone with whatever you want):

How old is your phone?

Is your current phone not functioning as well as its supposed to be?

Does it NOT perform any specific function that you need for daily usage?

Are there any new features in new phones that you'd like to have? Screen size, 'dynamic island', processing power, cameras, design, etc...

Is your phone looking all banged up but functioning well somehow?

Is this a luxury purchase to treat yourself?

Will you regret this purchase when 'the new thing' comes along next year?

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General rule of thumb stuff I like to abide by. Luxury purchases are their own thing, with the rule of treat yo' self as long as you don't break the bank. Just be clear with yourself that this is a purchase of excess and budget things accordingly.