A growing number of researchers present evidence that the pulsar wind nebula 3C58 is much older than predicted by its proposed connection to the historical supernova of A.D. 1181. There is also a great diversity of arguments. The strongest of these arguments rely heavily on the assumed distance of 3.2kpc determined with H i absorption measurements. This publication aims at determining a more accurate distance for 3C58 and at re-evaluating the arguments for an older age. I have re-visited the distance determination of 3C58 based on new H i data from the Canadian Galactic Plane Survey and our recent improvements in the knowledge of the rotation curve of the outer Milky Way Galaxy. I also used newly determined distances to objects in the neighbourhood, which are based on direct measurements by trigonometric parallax. I have derived a new more reliable distance estimate of 2kpc for 3C58. This makes the connection between the pulsar wind nebula and the historical event from A.D. 1181 once again much more viable.