Fair point, but wouldn't this be an argument for stopping MOTs for all vehicles.
Yes, However, the perception is, that vehicles of that age are very lightly used & owned by perfectionist, enthusiast engineers.
Not Hammered by Reps, not doing long journeys, blah , blah.
My Norton has done 33,000 miles since I bought it in 1988. For the last 14 years, the mileage has gone up by less than 100 miles / year. Was going to sell it. But if I keep it, my Insurance for all three stays at £200 / year.
If I only have the "moderns" (1994 & 1998) Then It rises dramatically. And It's value goes up as it Languishes.
No MOT for me Is one less hassle, Just tick the DVLA box every year to get a FREE Tax disc.
How many Modern cars will achieve 40 years?
They are throw away items.
ABS faults, Airbag light, Emissions, The high tech Spares just won't be available.