The main focus of any firm is to maximize the wealth of its owners and this will happen when sustainability is guaranteed. This is the core objective of asset replacement model that stipulates the replacement of an asset when its productive capacity is on the decline. In other to test the relevance of this model in the light of the contemporary world of commerce, this study examined asset management and performance of quoted manufacturing companies in line with asset replacement model. Panel data were used for the study and ten years financial statement from 2011 to 2020 of three well established manufacturing companies were analysed using descriptive and inferential statistics. The study found out that all the parameters postulated by asset replacement model are still very credible in the present day operations of manufacturing companies and therefore is still very useful. The study concluded that asset replacement model is still very relevant in this contemporary world of commerce.