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I do not have the numbers to hand, but I believe that the average 1989 car, even when in good operating condition, puts out something on the order of 5x to 10x the pollutants that the average 2009 car does. They really have come a long way.
Most 2009 cars are much better for "passive safety" (i.e., after you hit something or something hits you) than most 1989 cars. Crumple zones, airbags galore, high-strength passenger cells, and so on. Most 2009 cars have more room and more convenience features than most 1989 cars do, as well. (Some people have to have them cupholders and A/C!) The newer car almost always stops better, accelerates better, and corners better than the older one.
There are reasons to buy a newer car.
A 1990 model year car is the newest car that I've ever owned, though. Mine does everything I need it to do, and does it in ways that I like.
-soD
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