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I'm fairly sure it's not me, but I've run mopeds in Shropshire for the last 20 years or so!
More than 40 years old makes them historic vehicles, so zero road tax and no requirement for an MOT, which means a non runner with a V5 is a possibility.
Fully comprehensive insurance (Footman James classic) has been less than £100 for two mopeds until last year - not sure how much you'd save in maintaining a decent no claims bonus?
MrE
In fairness, the person I'm thinking of did it nearly 20 years ago and in Shropshire so cost was probably not a concern.