Is the 18,000 BTU/hr unit oversized for the area being cooled?
If so, downsize; if not, stay at the same cooling capacity.
A 12,000 BTU/hr unit of the same era/efficiency would use 2/3rds the power that a 18,000 BTU/hr unit of the same era/efficiency would, while cooling only 2/3rds as much.
In 24 years, there have been advances in efficiency as well. so a modern 18,000 BTU/hr unit will (generally, shopping still applies as inefficient crap is still made) use less power than an 18,000 BTU/hr unit from 24 years ago while providing the same amount of cooling. You can measure the input power to your old unit and get a rough idea if you can't find the SEER (or just EER) ratings on it.
The label on an older air conditioner here lists the date it was made, refrigerant type, cooling BTU/Hr, cooling amps, cooling watts, and EER (which is BTU/hr / cooling watts) - that's the Energy Efficiency Ratio, which can be compared with a new unit. Bigger is better for the EER number. Most or all of that information should be on the label of a late-1990's unit as well.
If you'd like the best possible efficiency (and a much quieter unit, generally) albeit at a higher initial cost, look into a modern Mini-Split unit, as opposed to a window unit. You get your window back, and the noisy parts are relocated outside the house. The higher initial cost is offset by the lower running cost (you might also be able to get a rebate from your power company.)
Improving your house's insulation will help with the running cost of any A/C or heating.