Avast says that you don't need to.
I think it's better to uninstall first.
1. Download the setup file for your product (AIS, PRO or FREE)
2. download aswclear.exe (link is in my signature below)
3. uninstall 4.8 via Win Control Panel Add/remove programs
4. boot to safe mode
5. run aswclear.exe
6. boot to normal mode
7. install avast5
8. reboot