Some peripherals can be transitioned to a new iMac with a simple USB to USB-C adapter (Amazon $2-3 each). There is also a thunderbolt to USB-C adapter for about $20. A firewire 800 to Thunberbolt adapter could be added to get from older hardware. Drivers can always be a problem when going to old hardware.
Just jumping in here briefly. I bought my new iMac a month go. Same situation: ten-year-old iMac was having serious issues pointing to a hard drive failure. DON’T wait until your old Mac starts to fail. Will make migration of data and software to the new machine harder or, as in my case, impossible.
I bought the 27”, I could not wait for the new 27" M1, since it won’t come out until spring, I believe.
Keep in mind:
None of my peripheral stuff worked with the new iMac. Unable to download current drivers, and older hard drive cable would not fit the new portal. So, the printer, scanner, and external hard drive would not work and needed replacing.
Also, the new iMac does not have an internal CD/DVD slot. So, another purchase was in order for an external one.
I’m no expert here, so you probably know all about these issues.
Otherwise, the new machine is fabulous, unbelievably fast compared to my older model.
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