Diehard devotees of Pappy Van Winkle 23 Year Old, cover your ears: when it comes to bourbon, older isn’t necessarily better.

Over the last decade or so, humble, down-home American bourbon has gained a lot of ground on Scotch, and prices are rising alongside our native spirit’s esteem. Connoisseurs are now taking bourbon just as seriously as great single malt. In some ways, that’s a good thing. Well-made bourbon is truly a great tipple, able to stand toe-to-toe with the most venerable of Europe’s spirits.

But increased demand has also driven up prices, a pain we all feel every…