If you have registered with Magix, then they will undoubtedly offer you occasionally an upgrade to a more recent version at a reduced price. They also package other software along with it to entice you to purchase the upgrade. I suggest that you wait for that and not pay the full price, unless the upgrade has something that you absolutely need and you can't wait.
The upgrades are new versions that are installed separately. The old versions remain on your computer until you remove them. Sometimes there are features that are dropped in favour of newer features and you may want to get the old ones and add them to the newer version before removing the older version.
If you do a lot of video editing and you want more flexibility, I suggest that you wait for an offer to move to Magic Edit Pro (MEP), at least the Plus version. The Easy product is really very basic and you will quickly run into frustrations if you want flexibility and to add effects. Take a look at what MEP can do.