Does having an old graphics card make minecraft have low fps?

No it barley does anything its really its about ram and cpu but the gpu is nothing its not demanding

First of all, the age of gpu doesn't dictate its effectiveness necessarily. However, that gpu is awful power-wise. Gpu will impact performance in minecraft but Andreas is right, CPU is so important in minecraft which I believe runs off java. You probably could also see benefits from 4 more Gb of ram, especially if you have any other application open while playing.