Yeah, if you plan to use an old key to get Windows 10 then you should install your old version of Windows on a new device and upgrade there.
Otherwise your old device and only your old device gets registered for Windows 10 and you would have to use your old device.
Anyway, if you buy a new device with Windows 10, you will not have to upgrade first.
But if you plan to reuse your Windows license, then you need to buy Windows 10 from Microsoft (no OEM license, if I am not mistaken) in order to install Windows on this or that device (OEM licenses let you just register one device for Windows 10, they are normally not transferable).