Should I replace my MacBook?

The first thing I'd do is a factory reset followed by upgrading it with an SSD (not sure if that's possible with a Mac).

IMO considering how much you spent on it, you shouldn't have to replace a Mac every 3 years.

Does the hard drive get slow overtime? SSD drives are quite expensive but yes I can replace it. I think they cost 200+ Pounds for 500gb ones.How about the RAM, should I replace that too?

Try the factory reset before you do anything. I suspect its more of a software issue than hardware being deficient.

An SSD is far faster than a HDD. Basically everytime you're waiting for something to load, whether it be turning on your Mac or waiting for a Word document to open, an SSD would do it in a fraction of the time. Depending on what size you want, a 128 GB can be had for less than £50. If you want bigger but don't have the budget then you could keep an external hard drive for back ups and having everything else on.

8 GB is likely to be way more than sufficient. Any more would be a waste.

But what happens to my data and installed programmes that way?

If you do buy a new SSD, you'll have to do a fresh install anyway so you'll lose the data regardless.

The first thing I'd do is a factory reset followed by upgrading it with an SSD (not sure if that's possible with a Mac).IMO considering how much you spent on it, you shouldn't have to replace a Mac every 3 years.

Try the factory reset before you do anything. I suspect its more of a software issue than hardware being deficient.

Just back up your data and do a full reinstall of the software with an old OSX software disk?

I own the exact same MacBook with the exact same configuration as you, and I second ImNotSuperman's post. First unclutter your machine, then swap the HDD for an SSD. I haven't done it so far as mine is still running reasonably smoothly (except for taking forever to boot up and get everything running), but it's my upgrade plan for the future.Are you sure? Can't he just backup everything via Timemachine, install the new SSD, then return the data in exactly the same way?

I
Are you sure? Can't he just backup everything via Timemachine, install the new SSD, then return the data in exactly the same way?

So I bought my Macbook Pro in 2012. It is quite old but back back then it was top notch. These are the specs:
13 Inch MacBook pro mid 2012 series
2.9 GHZ Intel core I 7
8 GB 1600 MHz DDR3 Ram

Intel HD Graphics 4000 1024 MB
750 GB SATA Disk (storage)

HOWEVER:
In the recent months my Mac is working very slow and keeps lagging. I use Final Cut quite a lot and it is very slow and sometimes crashes when I use it. I am thinking of buying the one with 16GB of RAM and Solid State storage that could help increase it's speed but it comes at hefty price of 1500 pounds (with the student discount). It is a HUGE amount of money and I would like to know if there is anything I can do to fix this one? Do computers slow down over time?

I don't think I can increase the RAM by the way. And I also have 400GB of free storage.

everyone thank you very much for your advice and support. I paid £50 for an external hard drive, spent a day backing up and resetting but no significant changes were made to its functioning. It still keeps lagging when I use Final Cut and even sometimes when I play videos online. It must be a hardware issue

Resetting? Do you mean a full reinstall of the software?

I've got exactly the same model as you, exact in every way and the exact same problem!

What I'm considering is to change the HDD to an SDD, and you can change the RAM! Just take a quick look on amazon and it's much cheaper than buying a new macbook.

Yes

Didn't think of that. He could have done that for a fresh install on the current hard drive as well. Too late now. Looks like a hasn't worked anyway though.

Hmm, yea SSD seems to be your best bet OP. I don't think it would be the RAM or Processor.