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Usualy I'll keep stuff untill it's worn out/broken, I probably average one new bike a year over the last 5 years, but often that's just been selling a frame and buying a similar replacement (DMR Switchback evolved into a O-O 456, which evolved into the Pitch).
It all depends on where I am and what I'm doing, I've done a lot of driving this year so the Pitch came in handy as I could stopoff in places where it could be used properly. Riding localy I rarely use anything other than the SS-Rigid Swift as it's all that's needed. Building up a hardtail for general messing about in the woods and that'll be bike number 3 in the shed (mountainbikes, theres the BMX's and road bikes on top of that!).
For all that, the Pitch is a siignificant proportion re-cycled bits, the Swift was 2nd hand and the hardtail was going to be built with old bits but the forks didn't fit so that was another £270, and all that was available was 15mm axle so that needed a new front wheel, so it may as well be a pair, and the 9s drivetrain eneded up on another bike, the only old bits are the saddle and pedals and they're on the list to go!
until it breaks
Kept Reign for 5 years, did include wheel and brake upgrades which were then transferred to a new FS frame. Original Hardrock (7yrs) I still have as a loaner bike. Oddly it was my BFe which caused me to change the Reign, it just made it feel dead and dated, had I not got the Cotic I might still be riding the Reign.
I can see the attraction of trying out new components and frames, the frame is only 25% (often less) of the cost of the bike. If I were more mechanically minded I'd be likely to do that.
I basically buy them to keep them, and ride them until it starts to make less sense to keep putting money into them or they get nicked (although only 1 pinched so far). My 6 year old XTC needs so much doing to it at the moment that I'd consider replacing it with a Boardman or something.
Bought lots. Kept a few and have sold fewer. Wide range, oldest is now 35 years old, told the frame will have lost its spring but seems ok. My Stumpy is 1986 still pretty good. Merlin 2001 but feel old fashioned. Couple of 3 year olds and two less than a year, just babies really, need to mature a little.
Keep them until they break or are stolen. Current one (Mongoose) is five years old and going strong, previous was five years old and close to knackered when it was nicked.
I'm an N=1 kinda person though, so my one bike becomes a significant attachment, and I still miss every bike I've ever had (apart from the Hellfrauds steel "ATB" behemoth I had 25 years ago, that was horrible. Actually, scratch that, I'm remembering that one fondly thinking of the adventures we had together as I discovered mountain biking for the first time.)
Until they break or I get bored of them/decide I want to try something different. I've had my old trailstar frame for a good few years now but fancied something with different geometry as it seems to fit my current riding style better. Bought my Bullit for a long holiday to Whistler and am considering selling it now as I don't really need a FS and if I get one again I'd like something with different geometry..
Until it gets stolen, sadly.
(Although it gets upgrades every now and then - my Claud Butler Cape Wrath morphed into a Giant VT, part by part over a period of 10 years before getting nicked. Yearly photos would have made a nice story, come to think of it - must do that with the latest steed.)