This paper investigates the effect of ageing on the performance of dye-sensitized solar cells (DSCs). The electrical characterization of fresh and degraded DSCs is done under AM1.5G spectrum and the current density-voltage (J-V) characteristics are analyzed. Short circuit current density (JSC) decreases significantly whereas a noticeable increase in open circuit voltage is observed. These results have been further investigated electroanalytically using electrochemical impedance spectroscopy (EIS). An increase in net resistance results in a lower JSC for the degraded DSC. This decrease in current is mainly due to degradation of TiO2-dye interface, which is observed from light and dark J-V characteristics and is further confirmed by EIS measurements. A reduction in the chemical capacitance of the degraded DSC is observed, which is responsible for the shifting of Fermi level with respect to conduction band edge that further results in an increase of open circuit voltage for the degraded DSC. It is also confirmed from EIS that the degradation leads to a better contact formation between the electrolyte and Pt electrode, which improves the fill factor of the DSC. But the recombination throughout the DSC is found to increase along with degradation. This study suggests that the DSC should be used under low illumination conditions and around room temperature for a longer life.