Not really often. I just don't get the whole hype thing with those iPhone series. If you're guys happy about your phone then what's the point in making any changes, especially if the product is pretty expensive. I'm currently using a very cheap but pretty decent phone issued by Prestigio.
I upgrade every year. It took me a couple of years to get the momentum right, but now it's pretty easy. I buy the phones outright. I keep the box, and I slap a case and screen protector on my phone as soon as it leaves the box. I won't even open the box if my case hasn't arrived yet. I try to take good care of my phones. Then when I want the next phone, I sell my current one. Usually it's the Nexus line that I wait for. I'm using the Nexus 6P right now, and looking forward to whatever the next one is. Of course I do sell at a bit of a loss, but I'm okay with that. The way I look at it, I'm renting the latest phone for about 100 dollars a year. If I got the phone on contract, I'd probably have an extra charge for the subsidy of the phone. The subsidy would probably be more than the ~9$ a month, and I would be limited to switching phones every two years, instead of every one.
My family and I pride ourselves in keeping our phones for years to come. We still have our old Nokia 3315 units, the very first mobile phones we owned. And they're still in good working condition too but then came the smartphones. We got smartphones because of the many applications available for us, particularly gaming apps. I'm the only person in my family to us money-making apps, which I'm yet to actually make money from.
I only upgrade when either my current phone stops working or if I switch phone companies and they offer to upgrade my phone if I trade in my current phone. Right now, I too have an iPhone 5, I've had it for like three years and it's still in good condition. I've dropped it before and luckily its screen hasn't cracked! On top of that, I've had no issues with the home button or with the software in general. I love my current phone. I'll probably upgrade next year simply because I want one of those Samsung Galaxies.
As long as my phone is working and is able to satisfy my general requirements, I see no need to change the device. There may be an exception, however, if I would get an upgrade whilst acquiring a better bundle package deal, otherwise, my device would be in for the long haul until it has outlived its usefulness.
Not often as of late, but I prefer to stay up to date. Once you factor in the cost of selling back an old phone, getting an upgraded phone is way less expensive than most people think. I will resell whenever possible if it seems to be a better option, but I also don't force myself to get one until I know the new phone doesn't suck or have some weird problem like they usually do...
The phone I have now is only the second phone that I have had, and this is only because the first one stopped working. I had this one for a year and a half now and have no plans in investing in a new phone any time soon unless the one I have now develops a problem, breaks or stops working for some reason. I am quite happy with the phone I have right now. I know there are those who always like to have the latest gadgets with all the latest features, but these things are costly. I am not really into the cell phone craze.