Are you kidding? You must not live in the US.
People buy new phones despite the old one working. My phone is almost 6 years old. No one I know keeps phones around that long. Becoming rare to see anyone keep one for even 4 years.
I lived on cheap, used furniture. There's a glut of it, because people buy new furniture despite their old ones being just fine.[1]
People often change their cars even though they're not even 10 years old.
They change their shirts even though the old ones are not worn out.
And so on. There are not that many things people keep till they break down.
[1] They cost about 10% of a new one. Heck, do this experiment: Buy an expensive table/bed. Don't even assemble it. Immediately put it on the used market. Note how know one will buy it for even half the price. I have one that I can't sell for 20% of the price. Unless it's some fad item or office chair.