pr is not connected with age. buy an old domain with pr. start it with complete new content. u will loose ur pr & serp what matters to google is backlinks & quality content. obviously if u use a domain for same purpose for several years u will gain much content & a brand value that would make other sites to link to u. thats why ur pr & serp ranking usually get higher with time.
if your domain is quite old chances are that more peoples may have seen it and more peoples might have linked your posts .. So older your domain is better you are .
Domain Age do have a effect on SERP and other things.. but not in PR. Its solely depends on backlinks and the quality of the content.