Young - who recently announced a tour with the group - commented to Reuters that he likes to save his collaborations with Crazy Horse for very special projects.
"Some things you don't want to wear out. A lot of people wear things out, but there's a time for everything, so I try to listen to my clock," the musician explained.
Crazy Horse appear on Young's latest studio album Americana, a collection of folk songs such as 'Oh Susannah' and 'Clementine'.
Young said that he was drawn to revisiting classic folk tunes because he believes they have been largely misinterpreted over the decades.
"There's a lot more to them than the way I first heard them done by these happy folk singers. They left out a lot of the original verses and the songs are very dark and a lot more political than that," he recalled.
"So we tried to create an intensity that was on a par with the original, even though we didn't use the same melodies or similar structure other than the lyrics. We retained the cadences, but that was about it."
Young and Crazy Horse kick off their summer tour in Morrison, CO on August 5.
Watch Neil Young and Crazy Horse play 'Hey Hey, My My' below: