Although older its no slouch and who cares what other people think about the age of your bike. If your 3 seconds out from first, clean and grease the hubs, BB and rear der pulleys; if that still only gets you 2 sec out from first then the bike is too old and holding you back anything more then that and the bike doesn't matter as much as the motor. Racing is a lot of fun and doesn't require the newest and greatest bike out there. I showed up for a cross race on an old C-dale mtb with drop bars, 8sp sti levers and a leather brooks saddle and people stopped to check out the bike and liked it, also did an ok showing for first cross race in 10 years, the bike held me back some the rider held me back more. Your "old" trek will be just as well received, and may even make some people nostalgic.
79pmooney also makes a good point, sometimes getting started on an older bike just means the learning curve costs less and you have an excuse to level up the bike sooner. I did 3 crits this year, all Cat5, besides the riders being faster then I remember when I got into racing in my 20s, there was at least 1 crash involving no less then 3 riders at the finish line, good way to ruin good equipment. I'd been lapped so I didn't feel the need to compete for the finish line and I'm glad I didn't. Had a road race same thing 3 years ago, I was a bit of a ways behind the main pack and there was a second grouping coming behind me with the finish line in sight, rather then fight for 20th place I decided to let the group of 15 pass me, only 6 of them beat me to the finish line, the others didn't make it for a while. Learning to pace yourself, work with the pack, figure out when it is or isn't worth it to fight for place is all worth doing on an old bike that you can risk rather then the next 4-5,000.00 wonder which is what the proportionally equivalent bike will cost you today.