Followers of the older tradition of Buddhism, that is, those who followed the path of the old, respected teachers, described themselves as :-

Theravadins

The correct answer is Option (3) → Theravadins

The term "Theravada" translates to the "Teaching of the Elders" or "Doctrine of the Ancients." The followers of this tradition, known as Theravadins, consider themselves as adherents to the original teachings of the Buddha. Here are the reasons: 

Preservation of Early Teachings: Theravada Buddhism emphasizes the preservation of the earliest teachings of the Buddha, as passed down by the elders (theras) in the monastic tradition. They believe in maintaining the purity and authenticity of the original doctrines.

Path to Individual Liberation (Arhatship): Theravada places a strong emphasis on the path to individual liberation (arhatship). Followers seek personal enlightenment and liberation from the cycle of birth and death by following the Noble Eightfold Path, as outlined by the Buddha.

Respect for Elders: The term "Theravada" reflects a deep respect for the elders or the early Buddhist teachers who played a crucial role in preserving and transmitting the teachings. Theravadins value the guidance of these elders in understanding and practicing the Dharma.

So, the correct option is [3].