water pump troubleshooting input

[Garcia]

A couple weeks ago I lost water pressure. I replaced the pressure tank two years ago and it seems fine. The pump is at least 25 years old, maybe older. Once pressure is lost it takes a long time for the water to start flowing again. When the water does start to flow, it's warm, leaving me to believe the pump is working too hard and heating up the water. It doesn't maintain pressure. I don't think there is a leak anywhere and everything has been working great until this suddenly happened. There's an external pressure switch which does seem to be functioning properly.

I am guessing the old pump is past it's prime (pun intended!) and needs to be replaced. Before I do so, anyone have any input? Am I on the right track?