You forgot more ram. OTOH, I've not reinstalled a machine in 15+ years for perf reasons. As I upgrade the machine, what has killed the last few desktop machines has been MS dropping support. Or in the case of linux laptops the fact that I get tired of the eventual tape and bailing wire nature of 5+ year old machines full of dings, dents and broken ports or the CPU perf has finally gotten to the point where I can get >4x perf uplift.

I think it depends on circumstances...

Below a certain dollar amount, the refurbish vs replace from a value standpoint changes quickly.