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is an old mic or guitar cable as good as a new one?

..I am not speaking of design here, but of wear: is there anything in a cable that 'wears out' or decays? I understand that contacts need to be cleaned, but am wondering if some of my cables (that are as much as 40 years old) are as good as they ever were? I don't hear a problem, but am simply wondering what consensus there might be here at the forum.

Lengthy guitar cables

At my studio, we are putting in wall mounts that will allow some members of the band to play in the live room but have their amp in the booth so the band can all play in the same room. Now we do this by having jacks in the live room and running the wire through the walls to the booth so your guitar would plug into the wall mount jack.