Gonna need a new GPU soon, this year if I could choose, but I'm waiting for a new generation to provide a bigger leap. Buying an expensive GPU now which can't pull off proper ray-tracing without taking a massive performance hit seems stupid (I learned something about that with Nvidia Hairworks when I bought my current GPU). Also hoping that the Corona crisis would inflate prices too badly, premium GPU's are already pricey here.
For sure though massive jumps aren't going to be that apparent unless you are pushing more effects like RT or higher resolution. Ampere is looking to offer at least 30% more perf over previous equivalent Volta GPU's, at high end if we are going by leaks. Probably 30-45% across the range. Though the massive improvements are going to machine learning which should boost RT performance and DLSS 3.0. Which is worth it and then some. A RTX 3060 for example should be on par with RTX 2080 at 4K with RT enabled, and DLSS (1080p internal). With more games supporting DLSS and mid tier cards getting even better this upcoming generation should see a huge uptake in 4k gaming as a result.
Really rooting for AMD to bring some competition back in GPU market though. We need a Ryzen moment to shake things up. Maybe if the new GPU's co-insides with DirectML supported games things will get much more interesting. Because Big Navi does seem to be pushing the performance front and wanting to offer good value.
Also, it makes for cheaper options display options such as 4K TV's as you are now able to push high FPS at 4K which simply was not possible this generation.