I have an older iMac and want to know if anyone thinks it is worth updating or buying a new one?

I have an 2008 imac but it is really out of date because I loaned it to my mom and got myself a laptop. Wondering if I should update it with OX or purchase a new one.

You don't say what OS that 2008 machine currently has.   What you have could well be upgraded to 10.9. Mavericks.   Snow Leopard is an excellent OS and the 10.6.8 upgrade (if it's needed) gives you App store too ... and that makes it a very useful computer.   But upgrade the memory to 4GB
Okay, Apple no longer formally support it but they still provide security and iTunes updates ... so it isn't actually dead.   And more important, any PPC apps that are currently on it are protected ... at least until you go into higher OSs.
I think I would be inclined to get all I can from the existing machine.

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