Old motor vs new motor

The shop I work at gave me there old air compressor that has a newer 3 hp 3 phase motor on it. I have a very old 3 hp 1 phase motor im going to put on it. Should I buy a new motor or use the very old motor? The old one is much bigger and heaver than a new one, are they less efficent or just made better?
 
It is both, less efficient, but built heavier. I would probably run what you have until it fails.
 
Both less efficient and made better. The difference between some of the new high efficiency stuff and the older less efficient motors can often pay for the new motor in about a year, that's in industrial
settings with 1,000-2,000 hours of use per year
 
Can you use the 3 phase motor it came with? To me if you have 3 phase capability stick with it especially if it's a newer design.
 
I've got a 1hp compressor built in 1947, and a 7.5hp compressor that is current production. Both motors are about the same size.

Maybe the technology of building motors has advanced in the last 70 years?
 

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