Google Store credit is basically an annual Pixel upgrade hamster wheel

I have a Pixel 10 Pro XL 256GB. Between trade-in, ~$250 in expiring Store credit, and a $100 coupon, I can upgrade to a Pixel 11 Pro XL 512GB for about $400 out of pocket.

I’d also get around $300 in new Store credit plus 6 months of Google AI Pro. I actually use the cloud storage, and doubling from 256GB to 512GB is probably the biggest tangible upgrade for me.

At first its tempting to think that: $400 - $300 credit = effectively a $100 upgrade.

But I realized I used the same logic last year. I paid around $700 upgrading from my Pixel 8, got Store credit, and now that credit is helping justify this upgrade. The ~$300 I get this year will probably do the same for the Pixel 12.

So the more honest framing is:

I’m paying Google roughly $400/year to stay on the newest Pro XL, while Store credit keeps subsidizing the next upgrade.

The credit can have value, especially if you plan to buy something like pixel watch or pixel buds. But calling this a $100 upgrade while also using that same $300 toward next years phone feels like double counting it.

And honestly, ~$400/year for a new Pro XL, fresh battery/warranty, incremental improvements, and in my case 512GB storage may still be worth it.

That just seems like the actual decision: is staying on the annual Pixel upgrade hamster wheel worth ~$400/year? Or about $700-800 every 2 years. Thoughts?