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That’s definitely false. Every day emissions for the average car in the US (much more efficient than vintage vehicles) are overcome in 2-4 years when accounting for petroleum production, shipping and burning.
This is more pronounced when looking at our composition of electricity generation as we use more renewables than the US.
It's ok though, they'll be offset by the emissions of lithium battery production, let alone the manufacture of the new car. But it's ok cause those emissions are in far off lands...