I've worked in a lot of schools, state, private, primary, secondary
Equipment refresh in them is 4 years at most, from what I've seen. That might be "4 years on reconditioned but warranted equipment", but once it comes in it's only 4 years before it leaves again. And to the scrapheap (I've tried for years to convince schools to allow resell of their old kit but they are never interested).
The worst I've ever had was when I started a new job, and they said their Internet was dog-slow. When I stuck Ethereal (Wireshark) on the outgoing connection, I wasn't surprised. So much junk going in or out completely unnecessarily. I kind of put my neck on the line and told the head I could triple the speed he saw on Speedtest after doing that (purely because the line was SO busy because it wasn't managed properly).
They took me up on it. I grabbed an old desktop from the "Someone bin this when you get around to it" pile that had previously been an office PC for many years. I put two network cards in it, installed Linux and - as a proof of concept only - put in transparent Squid proxying for web, decent firewalling and blocked all the junk leaving to the Internet. Needless to say, the "speedtest" result jumped up enormously, nearly 5-10 times the speed depending on the time of day. I'd got the job already, but that cemented the relationship for years.
The reason I did it was to show my point quickly and not have to buy anything to do it, and also so that whatever I did could be undone in seconds if it broke anything important (literally, pull the two cables out, put a Cat5 coupler on them, and you were back how you were before).
Five years later, the staff all moved on, and I moved on from that school and the Internet connection was still running from that desktop. Why? Because it worked. It had something like a 200Gb web cache on it, it was even running our fax-to-email setup and numerous other tasks (hell, it was there, it was near the telephone lines, it was plugged into the net, it cost nothing...). A DansGuardian filter was in use every day (and doing a damn good job in combination with redirecting all external DNS to OpenDNS which also filtered) and its logs had been queried several times in order to determine who was wasting school resources, etc.
When I left, some consultant guy was brought in to advise the school about IT given that I was leaving and on his list was a Smoothwall box to do exactly the same (I don't begrudge that decision, as such, because someone needs to manage whatever it is that's doing that job but... thousands of pounds down the drain for a solution to replace an almost identical solution that had worked for years!). The Smoothwall UTM was something like a dual-core with 2Gb RAM as well, so god knows how it compared.
But that original old-office-desktop box was the oldest (and probably the most busy) in the place.
I understand not upgrading when there's nothing wrong with the solution you have. But you shouldn't be running on computers that were that old. As it was, from the first years onwards, we bought a replacement server and sat it next to that machine, with the intention of waiting for it to die until we replaced it. We imaged it across to the "new" server on a regular basis so we had a "warm spare". We even tested once, just pulling the cables and putting them into the other machine - worst you needed to do was change the network parameters (because of the device detection order) and you were good to go. But we never actually ended up replacing that desktop.
Old and established is good when it's not hindering you in any visible way.
As soon as it hinders, you should be ditching it.
And you should be planning on how to replace it from the day you buy it.