Never thought about replacing them regularly every 4~5 years. But, I wanna share my experience with my desktop PC.
For the hard drive, I replaced it with an SSD ever since I've encountered "Blue screen of death" for several times. Plus, it boost the load performance 8~10 times faster.
For the video card, I had my AMD Radeon HD 6970 for 5 years until last week. Then, I replaced it with AMD Radeon R9 390 because some of the AAA games today demand heavy-duty graphics.
For the processor, I'm still using Intel Core i5-2500. But, I'm a bit worried since it's already old. I asked from other forums, and they told me to buy a liquid cooling system and patch up a thermal paste on it.
For the power supply, I'm still using Thermaltake Litepower 600W even though I'm already using R9 390 that needs 750W as mentioned in the box. (What's the trick? They're just telling you to get a PSU that can handle the overclocking of the video card. Actually, R9 390 requires 250W in normal clock, while in overclock requires 505W. The 245W are for the processor, hard drive(s), optical drive, connected fans, and other hardware that requires electricity.)
And remember: To get the best airflow system inside the chassis/CPU case, TOP and REAR fans are EXHAUST, while FRONT, SIDE, and BOTTOM are INTAKE.
Last, but not the least, clean it from dusts. I use 2-in-1 vacuum-and-blower and a soft brush.
Been taking care of it for 5 years now.