I never buy consoles day one, I usually wait a year or two for them to iron out the hardware/software bugs that inevitably occur with a new console launch. Also, neither of the last two console generations had any games at launch that I wanted to play, and there's no sense in buying a console if there's nothing worth playing on it.
That said, my new strategy is to skip a generation and wait for the next one. Game development cycles are getting so long that most of the big series are skipping a generation anyhow. I'm fairly certain that Fallout 5, Elder Scrolls 6, Final Fantasy VII Part 3, Red Dead Redemption 3, Elden Ring 2, Horizon 3, and other games of that caliber are going to be launch titles for the PS6 and Xbox Y. I might pick up a cheap used PS5 to play Dragon's Dogma 2, but that's a big maybe as there's only 3-4 games on the console that I want.