Nothing lasts forever.
Parts fail, even if they don't actually 'wear out' - non-moving parts will still eventually give up the ghost.
The only thing that lasts is the case.
Partly, over the years, things feel slower because every new OS needs more resources, every new game is designed for the highest-spec machines of the time; plus over the years, you add cruft that hangs on the system like a weight. That latter can be cured by a good clean-up or fresh install, but the former you just have to live with.
An alternative to simply throwing out the entire machine is to upgrade one piece at a time.
- A new HD now will easily migrate later.
- A new PSU, bigger & more powerful, will be ready for when you update the graphics later.
- A new Graphics Card [assuming your motherboard isn't so old it has AGP Graphics] would speed up drawing, though on your existing setup it won't necessarily feel too much faster right now as the underlying architecture will slow it down.
…but these are all steps that can be taken as & when you can afford them.
The only part you have to do all in one go is the motherboard, CPU & RAM - as they are unlikely to be compatible with current component specs - but if you've already upgraded the rest of the machine, that will be ready to take it.
I've done the same with all the machines here for 15 years; though one has had 3 different cases over that time too… we call it the Philosopher's Computer[1]
[1] Comparable to the philosopher's axe - it's the same axe, but the head has been changed twice & the handle 4 times ;-)