I had the same trouble with my machine - the thread was constantly tangling and breaking. Turns out it's not always about the age of the machine. First, check the simplest thing: the thread should be inserted into the spool in a special groove or held by a clip so it doesn't dangle. If the spool is loose in its slot or the clip has come loose, the thread will get tangled when the machine moves. It's also important to make sure you're using good quality thread - thin or weak thread especially loves to tangle. Try buying a spool that's wound tighter and see if that makes a difference.
If the spool is fine, the problem might be with the tension of the top thread. When the tension is off, the thread bunches up into knots, breaks and tangles. Your machine should have a tension dial with numbers on it. Try setting it to a middle value first (usually 4 or 5) and do a test stitch on some fabric. If the thread still loops and breaks, experiment with the tension - decrease or increase the value by one and check the result.
One more thing - check if the area under the presser foot and around the needle has gotten clogged. Bits of fabric and old thread pile up there and get in the way of smooth operation. Take a brush (or even a regular toothbrush) and clean that area. After that, just rethread the needle, make sure it's gone through all the necessary guides, and try sewing again.