Upgrade existing or buy new?

Hi there, very new to cycling but loving getting out. I’m intrigued in the value of upgrading components on existing bike vs buying a newer bike.

Currently have a circa 2008 Specialized Tarmac running a mix of ultegra/105.

I believe the frame itself is quite light and good quality so figure I could possibly upgrade some of the components to improve overall quality of the bike.

Main upgrades would be wheelset and cranks (change to a compact and to look prettier) - est cost $1k

Vs buy a slightly newer bike at $2k - $3k?

In pure value terms, upgrading a 12 year old bike isn’t great as spending double on a new bike would get you so much more compared to the individual cost of components. Depends on how wedded you are to rim brakes too. With the move to 12 speed inevitable, there will probably be some good deals out there on current generation Ultegra although in its current incarnation, 105 is amazing.

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