Seal coat necessary on old asphalt parking lot?

[Ki Lee]

Hey BP,
 
From what I know, the seal coat for the asphalt provides nice look and also provides some protection against the elements, but I also learned that seal coats won't last on older asphalt and it's pretty much not worth it.  What are your thoughts?  At least one vendor said that the best way to handle it is to redo-the asphalt, but in the mean time just do hot-fills on the pot holes and skip on the seal coat.

So my partner Dan and I just acquired a 36 unit in Columbus, and part of the renovation we are doing is the parking lot. The asphalt is
pretty old, and there are numerous cracks and some small pot holes. We got some quotes from asphalt professionals, and they wanted to do a hot-fill for the pot holes, apply a new seal coat, and then re-stripe the parking lot.  We are thinking of just doing the hot-fills for the pot holes.

Again, class C area and not going for the brand-new look.  There is value in aesthetics, but its secondary in consideration.  Most units around the block has similar condition parking lots. 

What's your experience on this?