They are so expensive
Comparing my current phone (14 pro max) against a phone two generations ahead... nothing is really enticing me to upgrade. Summarized notifications using apple intelligence is nice, but not worth $1500
https://www.apple.com/ca/iphone/compare/?modelList=iphone-14-pro-max,iphone-16-pro-max,iphone-16-pro
Discussion
When I learned the amount of cash Apple has on hand, I refused to pay for a new phone every year. I would wait until mine stopped working.