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I tend to upgrade when I see an improvement in technology in a camera that would make a significant difference in the final outcome of my images. For example, higher ISO capabilities so I can shoot more in the dark. Faster frame rate so I can capture peak action more consistently. There are many more. I have to admit though, that the difference between generations of equipment is getting really narrow. This will probably my future purchases. All the big technological leaps have mostly been made.
I like to refresh my kit as new equipment comes available with significant improvements in the features that are important to me. Sometimes the pace of improvements is giddying in the selection of different systems with different qualities coming on to the market - but then making the right choice is all part of the fun of modern digital photography! Fuji X-T20 or Nikon D500?? Sony RX10 or Lumix FZ2000?? Lumix GX800 or Canon M6?? So many options.....
Price, price, price... anything you buy new will be obsolete before you have got half way through the massive instruction book. (My Pentax K5 has a book that is 366 pages plus an index - my first SLR had one that was 16 pages.) The second hand market is so good that buying new makes no sense - this also applies cars and decent hi-fi equipment.
The camera has all the specifications you require, expect they cripple it by not fitting a touch vary angle screen and an EVF that cannot keep up with the shutter action. Like the Canon EOS-M5....