For new fangled replacements, I do it to save 6 oz., or .5 oz. at a time. And those 6oz really add up over the years. I have found lighter backpacks, sleeping bags, ponchos, jackets, sandals, flashlights (torches), batteries (lithium is so light), electronic charging cables (shorter is lighter), deodorant bottles, soap (solid bar doesn't have the water to weigh it down). I even weighed a standard trashbag liner vs. a trash compactor liner and determined the lighter standard was the way to go (despite it being more noisy - I am a late waker). Aside from getting rid of the stuff you don't really need, finding light or ultra-light equivalents to necessary equipment makes my bag lighter every year.
Now, one thing I have consistently purchased for every Camino, new each time, is footwear, and liners, and socks.
I come back from the camino and my shoes are very worn. The socks sometimes have little holes. The liners are even thinner than they started. I continue to use the old equipment about my local walks, but by the time the next Camino rolls in, they must be replaced.
Feet comfort is sooooo important, I don't scrimp on this area.
Now, I have used equipment for 3 years or more in a row, only to realize, that my rain jacket was no longer water proof and there is this little hole I never noticed until exposed over a crazy rainy day, over one shoulder. This crazy rainy day, soaked absolutely through, made me wish I had replaced my jacket earlier.
For me its not about fear. But rather, about constantly improving the experience.
Damien