As others have said, the general rule is simple: if it no longer runs what you want it to run, upgrade.
For example, I have an Nvidia RTX 2060 GPU. It's no longer that new, it's like 5+ years old at this point. But most of the games I play are at least 10 years old—I think the newest, and most graphically intense, game I own is Cyberpunk 2077—and my GPU runs them just fine.
So, why would I spend hundreds of dollars on a new GPU when it's still wholly functional for my needs?