[Christ]

Your assumption would be at least partially incorrect, regarding pollution. Sure, there's the overall level of pollution that's probably similar, but the components of the exhaust will differ greatly from then till now, with newer and "improved" (haha) fuel formulations, etc.

I completely agree that it's almost always better to spend the money on keeping an older car on the road. Afterall, there's only so many things that can go wrong before everything's been replaced. I can often almost entirely rebuild a car for less money than the dealer's price of a new car, not counting fees for delivery, etc.

This is why the only requirements I have for buying a new car are:

The price is no more than 3 digits, preferably (but not necessarily) including the decimal point.
The body isn't inexplicably rusty, or rusty beyond average repair means.
The total cost of repairs doesn't exceed (vehicle cost + title/licensing)*3.

I give in on the last one alot, since I usually find junkers for $100-$200 that people just won't let go to the junk yard.