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Sure, Daniel, anything that’s made by man will eventually wear out. It isn’t outside the realm of possibility that your wireless router is beginning to fail. Having said that, three years isn’t a terribly long time for wireless routers, and it might well be that a new router won’t cure your outages.
The real reason to consider replacing the wireless router is the evolving standards of Wi-Fi. The current 802.11ac protocol is much faster and more robust than the 802.11n your wireless router likely supports. And even if it did support wireless-AC, chances are that a three year old router is running a draft version anyway.
We think that if you get a new wireless router supporting the 802.11ac specification, you will like it much better. We just can’t promise you that you won’t still have outages.