Is My Current Macbook Air Better Than The New 2014 Version?

I was thinking about upgrading, but here is a bit of info about my Macbook Air 11 inch

My specs are

Processor 1.7GHZ Intel Core i5

8GB 1600 MHZ DDR3

I don't see how this could be better because it is about 1.5 yrs old and I paid 1k for it. I'm not sure how it compares to the new release, though I know the battery life sucks on my Macbook.