Indeed a too old burner can be the cause of low rate success, but there are many factors involved.
If you use low quality media, even the most recent drive will give bad results. So, the first thing to have a good burn is to buy only quality discs.
The second factor that can cause problems with a too old hardware is that, like every piece of hardware, the burner has not an eternal life, so it is possible that the drive is at the end of its life cycle.
Finally, because of there are many new drives, the producers usually stop to upgrade firmwares of the older models. This can cause burning problems if the most recent media are not added to the firmware.
For a 4-5 year old drive, then, maybe it is time to get a new drive
Of course you can still use the older ones to read discs so there is no need to trash them until they are able to work