Trade in question: switch from iPhone to S23 ultra or wait for s24 ultra?

Hi! So I currently have the iPhone 12 Pro Max, and at the moment with the s23 ultra education discount the phone is $150 off regular price, and they're offering me $500 for my iPhone to trade-in.

I think I'm pretty set on waiting for the s24 Ultra BUT would it be better for me to wait until then and hope that the trade-in value for my iPhone remains the same or are we convinced it'll decrease?

OR

Right now for s22 ultra they're offering 800, so maybe it'd be better for me to just buy the s23 ultra now and once the s24 ultra comes out just trade-in the s23 ? Worst case if the s24 ultra won't be much of an upgrade, I keep the s23 ultra (possibly losing a few bucks considering s23 ultra price will probably decrease with s24 ultra release?)

I'm trying to decide which one will be more money saving in the long run.