New bike, or just upgrade?

Hope some folk could give advice.
I have a trek 1.1 and thinking of upgrading at the end of the year to something between £1000 and £1500, however would it be better to spend a few hundred quid here and there upgrading different stuff eventually getting a new frame, them start again doing the same, making the bike a constant work in progress?
Does anyone else do this?
I know a bike is often cheaper than all its components combined, so not sure if this is a good move?
Thanks in advance
I have a trek 1.1 and thinking of upgrading at the end of the year to something between £1000 and £1500, however would it be better to spend a few hundred quid here and there upgrading different stuff eventually getting a new frame, them start again doing the same, making the bike a constant work in progress?
Does anyone else do this?
I know a bike is often cheaper than all its components combined, so not sure if this is a good move?
Thanks in advance

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With a bit of money you could easily buy much better wheels that would come on a bike in the £1000-£1500 range so if you do come round to buying a bike of that price you can sell the wheels as new and put your upgraded wheels in.
Then, when I felt it was time for a new frame I just purchased the frame and already knew which components I wanted, none of which were offered stock with a complete bike. So instead of buying a complete stock bike full of components I wasn't particularly fond of I knew exactly what components I liked and built a new bike with everything I knew for a fact I would be comfortable with and perform best with.
Plus, you can transfer parts from your old bike to your new one and only replace things that are worn or you don't like, so it wouldn't be a waste of money to buy components now, even if you end up buying a new frame later.