Is and I5 3470 worth buying for cheap over something modern?

Solution
In general, "No", going cheap is never a good idea. Every situation is different. If you can only afford to spend X$, then you do the best you can. Often you end up spending X now for a cheap solution and in a short time, you spend X++ to upgrade where having spent X+ the first would have cost you less +. If that makes sense.

In general, buy the best you can afford. It usually saves you in the long term.


I'm planning on selling my current PC entirely, or selling my current CPU/RAM/Mobo and GPU then getting the I5 and a new GPU and Mobo

 
Then no.

The cost of finding a 6 year old, 4 generation old motherboard and ram is going to be harder and could even cost MORE than new parts.

This is a great budget gaming build for around $180 USD:
Pentium G4560 (it is bassically an i3 due to having hyperthreading)
B250 Motherbaord
8gb DDR4 ram
 
 
In general, "No", going cheap is never a good idea. Every situation is different. If you can only afford to spend X$, then you do the best you can. Often you end up spending X now for a cheap solution and in a short time, you spend X++ to upgrade where having spent X+ the first would have cost you less +. If that makes sense.

In general, buy the best you can afford. It usually saves you in the long term.
 
Solution


I like to explain that concept like this:
You can spend $500 now and $400 latter to end up with a $700 computer, or you can just save up until you can buy the $700 computer.