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I got a winter coat when I was 18. I wore it until I was 29. I only threw it out because it was falling apart so bad that I was annoying my coworkers because it would literally leave trails of jacket bits all over the place. I bought a $15 replacement and its gonna last at least another 5-10 years before I replace it again. No reason to waste money buying something new every year when what I already have works fine.
I had the same well made jacket I picked up at a outlet store dirt cheap for like a decade until I gave it to a homeless dude. I went back to that same outlet and grabbed a leather jacket that was cheap and well made as well. I've now had that jacket for about 8 years now and it's still going strong.