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Old coolant loses its corrosion protection, but not so much its heat transfer properties. But your cooling system can degrade over time through buildup of scale in your water jacket and radiator, and radiator fin degradation.
If you go with the old, green antifreeze, it's recommended you change it every two years. With extended life antifreezes (yellow-green), you should change it every five years.
I'd throw in a bottle of Radiator Flush, then change the coolant.
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