Ancient FFB Wheel Causing Inconsistencies?

I'm using an old Logitech Formula Force GP wheel, mainly on Project Cars 2 and Raceroom.
I've noticed that my wheel is "loose", I can physically move it up and down as if the shaft isn't clamped down inside.

Could this have an impact on my Inconsistency or would it just be down to me being rubbish at racing?

I know it's an old wheel but a acquired it for free. Would it be worth buying something like a Thrustmaster T150 or Logitech G29/G920?
 
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