Sir pharaon . . . . .
Yes, that is what looks to be a 470 microfarads @ six VDC rating, it is the storage capacitor for the converted voltage .
We are wanting to know if it holds at a steady five volts output, with no loading on the unit. If so, then you start trying connecting on progressively larger load resistors to simulate different current pulls of 100 milliamperes, 250 milliamperes, 500 milliamperes, on up to 1 amp. By using respectively lowered load resistor combos of 50,~12-15,~6-10 and 5 ohms, being connected across that 470 ufd cap.
See if there is a load threshold at which things start becoming abnormal, the voltage pulses on and off, or the unit shuts down its 5 vdc power output.
Another consideration now . . . . . .
I was considering this unit as receiving maybe 10 or 12 uses per year, only when you needed it to charge your phone after not having charged it in the house .
Therefore, with its storage basically relegated to being in the glove compartment box of the car, being pulled out and receiving only occasional use.( Read as . . . . an everlasting lifespan.)
Now with you filling us in on probably . . . the daily use of the unit . . .(times X years) . . . as a power supplier for an FM modulator used in your vehicle . . . . so that makes a different run-time of use story on the reliability of the components within the unit .
It actually, now over a period of time, has fully had enough use to consider the decline of that 470 ufd capacitor and the onset of ESR to fully upset its filtering and power storage capability .
To work around your not having that proper test equipment for ESR evaluative capability, just connect another 470 unit across that one and then re test and re-evaluate the systems power output capabilities.
73's de Edd