What about the third approximation? In this scenario, the older car clearly has the advantage, assuming of course, a number of things.

First, you must ride your bicycle to the parts store whenever it breaks down, no matter how far.

Second, when it does break down, you can't have it towed to a convenient place to fix it either(flat-beds are real gas guzzlers). You'll just have to fix it on the spot. And you'll have to make sure that you don't cause any traffic tie-ups. You know, stop-and-go driving, etc.

Next, when performing routine maintenance in your garage or driveway, the use of a droplight is a big no-no. Same thing for your radio. And if you plan on using any pneumatic tools, you must have a solar powered compressor, and don't even think of using a battery charger!

Last of all, you might as well just cut the A/C belt and get it over with(P/S is optional). Those old, non-variable compressors are real deal-breakers!!!