Is new equipment better by design?

Haytalk has many discussions about machinery, and many times the post is about buying equipment.

Often the advice is to buy newer equipment. I am curious about the subject. Is this advice because the newer equipment actually does the task better, through design or technology improvements, or simply because the older equipment is likely to be worn out needing repairs and being less reliable.

Example: Does a new 4 rotor tedder do a better job of tedding than a similar model did when new 20 years ago? Is it more reliable by design.

Same with an 8-wheel rake?

How about a 2020 NH small square baler vs. a NH 276 when it was new?

I have no knowledge or opinion since I have never had any new hay equipment.

 

Is new equipment better by design?