Beyond a pure percentage, you might want to account for the time it takes you stay below a certain threshold. If you want to target a certain link to keep your 95th percentile peaks below 70%, then first get an understanding of your traffic growth and try to project when you will reach that number. You have to decide whether you care about the occasional peak, or the consistent peak, or somewhere in between, like weekday vs weekends, etc. Now you know how much lead time you will have.
Then consider how long it will take you to upgrade that link. If it's a matter of adding a couple of crossconnects, then you might just need a week. If you have to ship and install optics, modules, a card, then add another week. If you have to get a sales order signed by senior management, add another week. If you have to put it through legal and finance, add a month. (kidding) If you are doing your annual re-negotiation, well...good luck.
It's always good to ask your circuit vendors what the lead times are, then double it and add 5.
And sometimes, if you need a low latency connection, traffic utilization levels might not even be something you look at.
Louie
Peering Coordinator at a start-up ISP