Do you:
1. Need a computer now? -> 16” Now
2. Need/Prefer a bigger screen than 14”? -> 16” Now
3. Prefer a more portable device? -> 14” in 2023
4. Need something with longer battery life? -> 16” Now
5. Want higher quality speakers? -> 16” Now
The first question is the most important one because if you don’t need it (or can’t justify it now), then you might as well wait. While the 16” is currently discounted, it’s also likely to be just as discounted when the new models are released (if not more so).
Also, keep in mind that while many folks are predicting March, a lot of folks also predicted November this year (and some even earlier than that). There’s no guarantee when the next MacBook Pro will be released, what it will cost, and what (if any) new features it will bring. Plus, I would expect supply constraints so unless you’re very quick on ordering, you could be looking at a prolonged wait.