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Automatics have improved drastically over the years, but mainly in adding gears. Some of them are up to 8, 9 speeds?! Automatics usually have higher highway speed RPM which really hurts fuel economy.
I will always prefer a manual. An automatic won't ever let me "chug" around at 900 RPM in 5th gear in town. The most fuel efficient gear at any given speed is the one with the lowest RPM, regardless of engine load (unless you go into open-loop rich mixtures). Automatics can't control the engine/transmission as completely as the driver can.
What has changed in manual transmissions over the last few decades? Almost nothing. They are bulletproof if you drive them correctly. Automatics are more expensive to repair/replace/maintain. CVT's are even worse in that area, but have become much better.
Also, there is just something fun about slapping the gears around. It feels sportier. You are more connected to the car.
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