The only things you can really upgrade on this Mac is the RAM and the hard drive. New RAM usually comes with a lifetime warranty, so essentially the RAM will be good for the useful life of the computer. If there is a problem with a RAM stick, the seller should replace it under warranty. Very little ever actually goes wrong with the RAM, so you could consider it to be a permanent upgrade.
The newer OS's seem to do better with lots of RAM, and this machine will take 16 GB. OWC also sells RAM:
https://eshop.macsales.com/upgrades/macbook-pro-13-inch-mid-2012-2.5-ghz/memory
You can also look at crucial RAM. There seems to be a consensus that these two brands work the best. Macs have rather tight RAM specs, and some other brands do not seem to work as well.
As for hard drives, all hard drives will eventually fail, so you might need to replace it in another 3-5 years. This is the nature of hard drives, with or without a bad cable. Most drives come with a 3 year warranty, but some do come with a 5 year warranty, meaning that if it fails during the warranty period, the seller will replace it at no cost to you. I know that OWC does this. I was involved with two of these mid-2012 13" MBP's that I had set up with 16 GB of RAM and SSD's for my friend's two daughters who were in college. The cables went bad, resulting in extreme slowness and even an intermittent flashing question mark folder on one of them. I ended up replacing both cables, and OWC replaced the SSD's under warranty.
If I had it to do over, I would also add some kapton or electrical tape to the aluminum under where the cable lies on the theory that it would prevent any future scuffing of the cable against the aluminum body. It wouldn't hurt anything, and it could prevent future failures.
So if you have access to an Apple Store, it might be worth a shot at getting a free cable. If not, OWC seems to have the best price for them.
The mid-2012 13" unibody Mac is a fabulous machine and well worth fixing. It's the last of the unibody Macs, and was still sold new until last October when the new Macs came out. I've always liked it because you could buy a base model and upgrade it yourself. The newest touch bar Macs cannot be upgraded--you have to buy exactly what you want when you make the purchase.
With 16 GB of RAM and a SSD, I think your Mac would run like it was new if not even better.
However, before doing anything else I would run the extended version of the Apple Hardware Test (boot up holding down "D") to make sure there are no other problems. The heat you mentioned could be caused by software corruption, but you want to be sure your fan is working properly and that there are no other hardware issues.
Good luck!
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