wheels, assuming you have 11 speed 105 you won't notice any real difference with ultegra.

Edit to add: your groupset is the last thing to replace, and only do it when it wears out.

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That is a hugely personal question... I shift a lot on a road bike, so I would likely lean toward Ultegra first. Plus, those stock Shimano wheels are not horrible, and they are not overly heavy. But, if you do a lot of solo riding and like the panache and speed of the carbon wheels, then you might prefer those versus the groupset.

Two very different upgrades in my eyes. Does your 105 shift well? There is a pretty good performance improvement from 105 to Ultegra but will it afford you the same speed gains as a wheelset? Likely not.

I would invest in the wheels (weight is not totally an issue with deep rims, but 1600 ain't bad) and maybe keep your feelers out for groupset upgrades in the future. Find some lightly used shifters, crank and derailleurs. Don't fret about the chain/cassette.

Just my opinion.

Having spent plenty of time on both 105 and Ultegra 11 speed setups, I would not go to the expense of swapping out 105 for the Ultegra. When properly adjusted, both are brilliant.

As for wheels, if you're looking to invest in something that will make you go "wow" when you step on the pedals, have a set of wheels built with a lightweight, buttery smooth hub like a DT 240. Even with aluminum rims, you can easily beat the weight of those deep section carbon wheels, and you will have stiff and snappy acceleration without the detrimental effect of a deep section rim in crosswinds.

Just my 2 cents!

Go with wheelset upgrade,

If you’re after a performance upgrade then it’s the wheels without a doubt. I disagree with another poster who said shimano’s stock wheels aren’t bad. They are awful. Truly truly awful. The entry level Mavic Askium beats the crap out them for the same price.

Ultegra is most certainly better than 105. That’s true for both 10 speed and 11 speed drive trains. But it’s not a performance upgrade and won’t make you faster if that’s what you’re after.

If you consider yourself a super biker and have much more core strength than the average person, get an aero test, it will allow you to lower your cda lower than getting a new set of wheels, but it will require alot of flexibility to get into a really good aero position.
If you do not have a powermeter, get a powermeter, your training is more important than the equipment you have.
Finally, wheels are still a good option if the other two is out of your range.

I have a size 56 BMC TMR02 as well. I bought the used frame on Ebay primarily because I thought it looked bad ass! (I also have a BMC TM01 and love it which gave me the courage to buy the 02).
In any case, it has a combination of SRAM Force with used Dura Ace cranks, 175mm long. Originally I was running Ultegra 170 cranks. The bike felt sluggish climbing. Switched to the 175's and it has come alive. Not sure why but it seems the bike performs better at lower cadence.

Despite being "aero" the bike has a pretty comfortable and quiet ride. I've put Hed Jet 50's on it and it's just a blast - fast but the wide rims give it a great ride quality.

Bottom line: IMO, check your crank arm length. And go for some wider quality wheels. 105 components are otherwise just fine.

My 2 cents is wait and upgrade to Di2 if you want to feel a difference on every ride you take.

Once you upgrade wheels, you get used to them and they lose their joy.

Upgraded to Di2 and I'm saving watts. How? Previously when I missed a shift, I would fall behind a little and have to work back up to speed. With Di2, I am the smoothest shifter in the group and it's an advantage. I swear that the momentum NOT lost by Di2 shifting is worth more to me than aero wheels on my road bike.

You won't see than much difference going from mech to mech. Don't bother.

My upgrade plus installation was about $900 by opportunistic buying. Well worth a $1000 and with new Di2 platforms coming out, you might be able to get the 2nd gen cheaper than before.

Plus, now that I have Di2, I would just do a frame upgrade if I wanted a "new" bike by moving the Di2 to the frame and putting the mechanical components back on the bike.

Bikes are great toys to have!

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Indoor Triathlete - I thought I was right, until I realized I was wrong.

Wheels: I think buying $600 CC wheels is a waste of money. A good set will actually contribute to positive performance on the bike while a bad set will negate performance on the bike.

Group: I think buying Ultegra if your 105 is functioning as advertised is a waste of money. If however, the 105 is malfunctioning then Ultegra is a great choice.

Overall everything working fine now save some more money, do some research and buy a nice set of wheels.

Oh, brother. Even Shimano's marketing department doesn't lay the bullshit on that thick.

Arch, at 63 I might be a rider with a handicap with a shaky left hand that often goes numb on a ride which makes shifting even harder so I really appreciate touch shifting with certainty as my hands fatigue.

One of the college racers that I ride with told me that he experienced it to be a huge advantage when racing/training. A missed shift in the on a hill or racing situation is a big deal. You can easily lose a half bike length or more in doing so.

And from my simple understanding, making up a half bike length or more requires watts.

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Indoor Triathlete - I thought I was right, until I realized I was wrong.

I got some rs 11’s for free. Are they any good? I found out the 600usd wheels arent good based on reviews. I might just get aerobars instead of wheels. I think its cheaper and more effective

RS11 Shimano wheels? Way good enough for free. What I would wonder about is tire selection with them as they are probably more narrow than current standards with the move to 25 tires. You will probably be fine with 23s on them. I have FLO30s for $500.

Aerobars are a 1-2mph advantage. It might take a while to find the right "fit" on a road bike though. Because the best fit for the aerobars may not be the best fit for the handlebars. Probably will have to compromise a little here and there with your fit.

Regarding bars, If you have narrow shoulders then look for more narrow handlebars. I think I went from a 44 to a 38 (because I am narrow) and that saved me 6cm worth of aero width wise. Your bars could be as narrow as your shoulders.

What I have found regarding bike upgrades is wait and let them come to you. Don't be in hurry to spend money. "The deal of the year" comes at least monthly, not annually.

Enjoy your toy.

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Indoor Triathlete - I thought I was right, until I realized I was wrong.

I have a 5yr old Felt with 10spd 105 that I use as a day to day training bike.

I had considered getting a new bike or upgrading the old one. I went with the upgrade option to new 11spd Ultegra. Way cheaper than a new bike and feels a lot less wasteful than unnecessarily changing bikes.

I fully admit there is not much tangible need/logic for doing this upgrade, but I am really loving the improvements - especially the better braking - and am now happy that the bike now has a new lease of life and is now good for the foreseeable.