Hugh,
The TPMS you have has a transponder inside which sends the computer the actual tire pressure. The transponder takes very little electricity to work, and it should work for at least 30 years, if not longer.
The 'new' TPMS system tracks tire rotation. A deflated tire will turn faster than the others and the ABS will turn on the warning light when it detects an anomaly. The ABS will not know which wheel is low, that is up to the driver to determine. It is a much cheaper system.
There are TPMS systems on the after market which will tell you what each tire pressure is and also the temperature of the tire. Cost is under $200, labor to install is additional.
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Keeping it running is better than buying new
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