Here is some info from the website helmets.org that makes sense to me. I just don't believe that helmet materials in particular degrade significantly enough to effect safety in 3-5 years. The helmet manufacturers push the short life span as it mitigates their liability on any helmets greater than their said life span:
Occasionally somebody spreads rumors that sweat and ultraviolet (UV) exposure will cause your helmet to degrade. Sweat will not do that. The standards do not permit manufacturers to make a helmet that degrades from sweat, and the EPS, EPP or EPU foam is remarkably unaffected by salt water. Your helmet will get a terminal case of grunge before it dies of sweat. Sunlight can affect the strength of the shell material, though. Since helmets spend a lot of time in the sun, manufacturers usually put UV inhibitors in the plastic for their shells that control UV degradation. If your helmet is fading or showing small cracks around the vents, the UV inhibitors may be failing, so you probably should replace it. Chances are it has seen an awful lot of sun to have that happen. Otherwise, try another brand next time and let us know what brand faded on you.
At least one shop told a customer that the EPS in his three year old helmet was now "dried out." Other sales people refer to "outgassing" and say that the foam loses gas and impact performance is affected. Still others claim that helmets lose a percentage of their effectiveness each year, with the percentage growing with age. All of that is nothing but marketing hype to sell a replacement helmet before you need it. There is some loss of aromatics in the first hours and days after molding, and helmet designers take account of that for standards testing. But after that the foam stabilizes and does not change for many years, unless the EPS is placed in an oven for some period of time and baked. The interior of your car, for example, will not do that, based on helmets we have seen and at least one lab crash test of a helmet always kept in a car in Virginia over many summers. Helmet shells can be affected by car heat, but not the foam. The Snell Memorial Foundation has tested motorcycle helmets held in storage for more than 20 years and found that they still meet the original standard.
In 2015 MEA Forensic reported on their extensive testing of used (but not crashed) bicycle helmets shows that the foam liners retain their performance over many years. Some of the helmets were as old as 26 years. They crash tested 675 helmets in their lab. Their analysis showed that there was no significant impact performance change with age. Their data including all 675 helmets tested produced only a 0.7g per year increase in impact readings at the higher drop height. After crash testing the helmets on a standard test rig, MEA took core samples from an uncrashed area of 63 helmets and tested them. This generated data based solely on the foam performance. Again, the findings indicate that helmet liner foam does not deteriorate with age. We have more on this landmark study in this Update newsletter.
I think if you have the means to replace your expensive helmet often, that's great but unnecessary. Kinda like oil changes, do it more frequently if it makes you feel better but in reality it is likely unnecessary.