People buy the dream. They know it's overpriced or premium. They don't care about a value proposition it's an opportunity to be on the leading front of the dream. When the product dies, the loss of functionality is less important than being dropped from the dream.

Apple gives people a dreamscape where they can transform their homes and workplaces into a creative paradise and share in a world without material tech problems. 'It just works'.

Replacing the current iphone with the next one is always attractive for the customer as long as it keeps everybody dreaming.