Paul:
I have used an offshore rated Givens, and Avon, both very good rafts. I would not be conerned about the age of the raft, rather the condition. The first step your friend should consider is to go to a Class A life raft repacking / service station that is approved. For example life raft and survival in Newport RI is such a facility but does get quite busy at times due to the number of boats undertaking the Newport or Marion to Bermuda race.
If you are in Florida or another spot, call up a qaulity company like Switlick and see who they use as authoriozed service station. Alternatively, you can call Liferaft and survival in Newport and if they cannot easily service, they will recommend a facility in your are.
Have the facillty test the raft for inflation, condition, etc. They will inflate in the shop and check this. My guess is the cost is about $ 300 or less to do this. If they rapack and recertify you are probably in the $500 range depending on how much of the emergency stores that need to be replaced.
This is far less than what a top qualitly 8 man raft costs which is in the $3000 plus range. You can buy cheaper rafts, but I always took the approach that my life was worth a bit more if my boat sank.
One last note, I did actually have a dear friend who lost his boat about 300 miles off Cape Cod. I think he hit a container. The boat went down in about 40 minutes. He inflated the Givens raft, it worked and saved his and his wife's life. A Coast Guard Helo pulled up out of the water and top him back to the cape. The sad part of the story is that this poor guy contracted cancer about 4 year later and died at age 60.
spin