|Rather than updating the BIOS (which can be risky), why don't you try replacing the CMOS battery (on the motherboard).|
The problem is that the CMOS battery is no longer keeping the CMOS chip powered. The CMOS chip keeps a record of your hardware/settings, so that this information can be available to your BIOS (without the need to enter these details each time you boot the machine). If the CMOS battery discharges or fails, the BIOS will need to detect the hardware each time the machine boots. That's why you are getting the "Press F1", (or some other BIOS-related key combination) your BIOS needs to detect hardware before continuing to boot.
If you replace your CMOS battery, the BIOS will detect hardware on first boot. Save the BIOS settings (unless you intend to tweak them further) before exiting the BIOS. The settings will stay in memory on the CMOS chip (now powered by new battery) , rather than being detected each boot.
I would imagine you've noticed the system time resetting at each boot of the computer? The system time is usually stored and incremented on the CMOS chip, and therefore relies on the same battery.
Probably one of the cheapest repairs you could do yourself (if you have the skills). Sometimes these batteries are soldered in......if not confident with soldering, get a tech to do it. This battery looks like a large watch battery, you can't miss it. Only a few bucks apiece.
Please let us know if you found someone's advice to be helpful.