What Should I Upgrade First/Should I Build a New PC? *Help!*

[Edit_Hax]

Hey all,
Recently I've noticed that my home-made gaming PC is struggling to keep up with the latest games, especially when it came to Far Cry 4, which I purchased and then realized my PC could barely handle it. My PC is quite old, and I want to know several things - should I build a new PC, or upgrade this one? Also - If I should upgrade this one, what should I upgrade first, and what should I upgrade to?
Current PC Specs:
GPU: GeForce GTX 460
CPU: Intel(R) Core(TM) i7 CPU 870 @2.93GHz
RAM: 8.00 GB RAM (7.99 GB usable)
OS: Microsoft Windows 7 Professional
Monitors: I run 2, 21(ish?) inch monitors, both with a native resolution of 1920x1080 at 60Hz.

Thanks!

 

[Bossyfins]

Is the ram ddr3?

 

[Edit_Hax]

Is the ram ddr3?

Yes

 

[Bossyfins]

Ehh, how much are you looking to spend?

 

[Edit_Hax]

Ehh, how much are you looking to spend?

For a new PC or just an upgrade? For a new PC I'd say ~$1000, for an upgrade I'd say ~$300-500

 

[Bossyfins]

At the platform your on now, Id say a new PC would be the best bet.

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-4690K 3.5GHz Quad-Core Processor ($219.75 @ OutletPC)
CPU Cooler: CRYORIG H7 49.0 CFM CPU Cooler ($34.50 @ Newegg)
Motherboard: MSI Z97S SLI Krait Edition ATX LGA1150 Motherboard ($123.99 @ SuperBiiz)
Memory: G.Skill Sniper 8GB (2 x 4GB) DDR3-1600 Memory ($69.95 @ OutletPC)
Storage: A-Data Premier Pro SP600 256GB 2.5" Solid State Drive ($99.99 @ Amazon)
Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive ($47.89 @ OutletPC)
Video Card: Zotac GeForce GTX 970 4GB Video Card ($309.99 @ Amazon)
Case: Enermax OSTROG ATX Mid Tower Case ($43.99 @ SuperBiiz)
Power Supply: XFX 650W 80+ Bronze Certified Semi-Modular ATX Power Supply ($109.59 @ Amazon)
Total: $1059.64
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2015-03-01 18:06 EST-0500


I recently made this not to long ago. I can make it cheaper if you don't care about appearance

 

[Edit_Hax]

At the platform your on now, Id say a new PC would be the best bet.

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-4690K 3.5GHz Quad-Core Processor ($219.75 @ OutletPC)
CPU Cooler: CRYORIG H7 49.0 CFM CPU Cooler ($34.50 @ Newegg)
Motherboard: MSI Z97S SLI Krait Edition ATX LGA1150 Motherboard ($123.99 @ SuperBiiz)
Memory: G.Skill Sniper 8GB (2 x 4GB) DDR3-1600 Memory ($69.95 @ OutletPC)
Storage: A-Data Premier Pro SP600 256GB 2.5" Solid State Drive ($99.99 @ Amazon)
Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive ($47.89 @ OutletPC)
Video Card: Zotac GeForce GTX 970 4GB Video Card ($309.99 @ Amazon)
Case: Enermax OSTROG ATX Mid Tower Case ($43.99 @ SuperBiiz)
Power Supply: XFX 650W 80+ Bronze Certified Semi-Modular ATX Power Supply ($109.59 @ Amazon)
Total: $1059.64
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2015-03-01 18:06 EST-0500


I recently made this not to long ago. I can make it cheaper if you don't care about appearance

Thanks for the detailed response.
I'll consider building this