I go both ways! I actually be higher junkie for mountain biking. I always want to ride new frames, new drivetrains, new brakes, etc., but it VERY EXPENSIVE! so I don't get to do it like I want. I rode a bike for couple hours last September that has a $1,000 drivetrain (front crank, rear cassette, shifter, derailleur) and it was flipping sweet. As you can imagine the pricey components I have to keep things in good shape and care to keep replacement part cost down. I have had my current bike for 4 years and this year was the most expensive year due to getting the shock rebuilt, upgraded the brakes, and had get new cassette and chain. I really want a new bike, and i'm working on saving account for it but life can have bigger priorities. lol

For hiking I seem to hang onto my gears until I see something that comparable and worth trying out. I.E. A side door tent that weighs same or less than my current that would be easier to set up, less volume in my pack, etc. Other wise I upgrade as needed. The only two upgrades I plan to make this year is titanium cookware and probably a new sleeping pad. I might get a new canister stove if some retailer put one on blowout price that I like (I been using my Esbit more lately as well). I'm still using same cookware, sleep pad, trek pole, that I acquired when I first started in 2010! All in great shape. I still have the tent but recently started using the Tarptent Moment from last year due to lighter weight and ease of access getting in and out.

In short, it's fun to try new things that could be better than what you got or have certain personal intangible that only works for you. It kind of like when you think you got the sweetest pack, but then some unexpected company has a better fitting backpack that only works for you-then you gotta have it! Until that time comes, you keep your current stuff in great shape, loan out to friends, sell or give away to newbies, etc. No sense in buying high dollar stuff and trash them, in my opinion.