Is it a bad idea to upgrade my GTX 1080 to RTX 3070 LHR when RTX 4000 series is coming?
We don't really know what the future will bring. If you get the 3070 it'll be a great step up from a 1080. You'll have plenty of performance for anything at 1440p as well as RTX. I'm using one for 4k and it is more 60fps tier there depending on the title.
The problem with waiting is we don't know how the new cards will perform, at what price. Will they be available or will we see a repeat of Ampere launch? Some have speculated they might start at the higher end so it could end up costing much more than a 3070. Do you need more performance than a 3070? A hypothetical similar 4060 might come much later. It would be nice to move on from a 6700k though, as IMO 6 cores is the performance entry level for modern games and 8 cores isn't much of a stretch and see you good for years to come.
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