It depends
Hello,
Old question, no simple answer. We always ask, "Where has the boat been, for how long, sailed how much, at what state of tune, at what relative loads, and of what original quality?" We see 5-year-old rod that is alarmingly fractured, and 20-year-old rod that is just fine. I am sure the owner is sincere in thinking his rod is still fine, but do you know what his qualifications are to make such a pronouncement?
Short of hiring me or some other fabulously competent person, I would recommend that you go down to Radio Shack and buy one of their pocket microscopes. Use it to examine a brand new piece of rod, of excellent quality, so you can see what extrusion marks look like. Then, ideally, look at an old, broken piece of rod, which will show you what pitting, cracking, and flaking look like. Then look at this boat's rod.
In addition to the examination, and the answers to the above questions, you might also ask if the rod has ever been reheaded. Probably not, and at this age it could be a danger.
Realistically, the rod is almost certainly due for replacement, but it might be worth looking at.
Fair leads,
Brion Toss
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