My HVAC is about the same age. My son's friend is an HVAC installer and we sought his opinions not long ago. If your AC system is 20 years old, it's most certainly filled with R22 which is now VERY expensive because it was banned shortly after your unit was installed. If you need a refrigerant top-off, expect to pay up to $75/lb (varies locally). New units are rated by EER and SEER ([Seasonal] Energy Efficiency Ratio). Bigger number = higher efficiency.
A brand new unit today will only be a couple points higher today than the ones from 20 years ago if the old one is a decent name brand. The way EER is calculated has changed over time so, don't compare old units with new units. If properly maintained, the efficiency of a unit does not degrade much.
As time passes, units develop leaks and motors/compressors start wearing out. Replacement parts for the larger components are sometimes harder to get. Once the compressor is shot, it's generally not worth fixing especially if your unit is R22.
In my case, the system is well maintained and in good condition. I will run it till it drops. BTW: Capacitors are basically considered a consumable item. Any capacitor with the proper rating can be used instead of an OEM part. I've replaced mine a couple times.
Ray
PS: Stick with a large name brand such as Carrier or Trane. My son's friend feels that Carrier is pretty decent. Staying with a name brand will virtually ensure easy availability of parts and the service technicians will be most familiar with them. These things aren't rocket science so it's a simple matter of proper maintenance and availability of "consumable" parts.