If you are like me and money is tight, drive your car until the thing refuses to run any more, then park it under a tree and buy another one.

When I worked for various software development companies years ago (Computer Associates, IBM, BMC Software), developers rarely got new company bought computers more than once every three years or so, and they were never top of the line. For most people it just isn't cost effective, or necessary, to upgrade every year. Unless you are in a rare exception group, the M1 is sufficient for now and probably a few more years as well. Those who have unlimited budgets can spend it on whatever they want, but an M1 will be good enough for me for another few years (at least).