I'd just like to know about what it takes to keep a laptop running and if it will be similar to new so long as it's components are updated.
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Computers are not like cars, or other mechanical devices. With just a few exceptions, they do not have moving parts that wear out over time. Computers will run at the exact same speed as they day you buy it, or 30 years into the future.
You might then ask, why do computers appear to slow down? The reality is, they don't. Computers appear to slow down when they can't keep up with the work being thrown at it. A new version of an operating system or application, might require more CPU or RAM than the computer has. The computer is still working just as fast as it always was, but not to the level required. Other problems that can make a computer feel slower is poorly written or buggy software.
When it comes to laptops, there isn't much you can do to update it. Typically, all you can do is upgrade a mechanical hard drive to a solid state drive and add more RAM. It is very rare for a laptop to have a replaceable CPU or GPU.
Laptops have a limited lifetime because some laptop components don't last forever, for example the battery. If a part wears out on an old laptop what can be done to replace it? You can search for a replacement part online and maybe pay more than the part is worth or you can try to find a replacement part on eBay that may not work. In addition to this add in the time it takes to maintain an old laptop, the money it costs to service it and the difficulty of finding software that will run on it.
Maintenance isn't necessary, but keeping it free of dust and liquids will prolong electrical components from failing.
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Like all electrical equipment, laptops do have a finite lifetime. That said, a Laptop can often outlive its practical life with a bit of luck and care.
Ignoring physical damage like drops, the one part which will definitely give up is the battery. It is typically possible to replace a battery but not trivial. One thing you can do to greatly increase the lifespan of the battery is to use the BIOS to make sure it's never charged above 70%, and ensure its never discharged below 20%. Following this guideline will reduce the available capacity, but will at least triple its use (more likely extend its life 5-8 times).
Other then this, hard disks have a nominal failure rate of 20% per annum, so you should expect a hard drive to fail if you have one. These can often be replaced. They are about as difficult/easy to replace as a battery, however are easier to come by. SSD's are also likely to fail - catastrophically - but tend to last longer - and are typically similarly replaceable.
Sometimes fans fail. These may be difficult to replace - interestingly, I don't think I've ever experienced this as a point of failure, despite looking after a lot of (mainly Dell and HP) laptops. If you can control it, running a fan slowly for a longer period is better than turning it on and off - it gives more gradual temperature changes and puts less stress on the fan.
Once you get past that, things start getting less likely to fail and more expensive (usually to the point of it not being worthwhile to fix). I'd expect the power circuitry inside the laptop is the next most likely to fail - but by the time it does the system is past its useable life and not worth fixing. You can improve your odds with a good quality spike catcher or UPS, and ensuring any power brick is high quality. (Of course, external power bricks fail, but they can be trivially replaced).
Depending a bit on luck, your CPU or graphics card (if it's not part of the CPU) may fail, but this is uncommon. This would be bad luck. At this level you are mitigating slight printing problems on a die imbedded in a CPU, so the only things you can do to increase your odds are to ensure the cooling system is functioning properly and not letting the laptop overheat. If you limit the clock frequency, you can reduce heat buildup and stress on the CPU.
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I think the limit on a laptop (plus or minus a year or so) is about seven years. We start replacing them after 5 or 6 years.
Most laptops need the manufacturer's replacement components and the cost of replacing all the components over time may exceed the cost of a new laptop. Memory may fail, disks certainly do fail over time, keyboards fail, batteries wear out. Then electrical parts (boards, components and so on) break (fail) randomly