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@Dammit
I suspect the exemption is based on the premise that a 40 year old car is going to spend most of it's life in the garage rather than be used every day of the week, and whilst the emissions from the vehicle are going to be local, the total emissions for a vehicle are massively front loaded, so the manufacture of the car is going to do more environmental damage than driving it around for 200,000 miles or so. There's an argument for running old cars for longer rather than buying a new one that can be made there.