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I think a large part of it is that I simply have a limited set of books/movies available at home, that I can read/watch as often as I like without having to spend money every time.
Going for a new book/movie on the other hand requires research (read reviews etc), and a money investment (no matter how small). And some uncertainty as to what you're getting.
At the end of the day the amount of money you can spend on new things is simply limited so why not read one of the old books. It helps that we're not computers but regular humans who tend to forget a lot of stuff over time, so reading a book / watching a movie you haven't read / watched for 3 years can be a very enjoyable experience.
If I wanted to never reread/rewatch anything, I'd have to stop buying altogether and instead go the rental route. I recently started renting movies instead of buying discs, because Bluray is just too damn expensive. And since renting costs money either way there the motivation is much larger to go for something new, rather than rent the same movie twice.
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