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re: "...I want to be able to drive it in 10 years when polution laws will be harsher to us oldtimers...."
Hi.
One of the things that are examined (in some states, like CA, I've heard) is that the automobile be 'stock'. Cars with aftermarket modifications (e.g., high performance ignition systems) can be rejected -- the automatic assumption is that the modifications increase pollutants (kind of like guilty until proven innocent) unless the product has been pre-approved (you may need a certificate for this). You might have to invest a LOT of money to get your car tested -- if you're even offered that defense, which they may not.
So cobbling together your own "advanced" emission control system may not be appreciated by the authorities 10 years from now. You'd first better look into this with your local authorities.
On the other hand, the authorities cannot make emission requirements for your model year that's stricter than the limits that the car was originally designed to meet -- in fact, most states actually loosen the standards a bit to accommodate the effects of age on such older models. If you've got a car so old that it was built before there were any emission standards, you're probably "home free."
And, on the other hand, there might come a time when you don't want to drive your old car 50,000 miles a year, but nevertheless want to keep it for sentimental reasons. I have a '75 Volvo (a 164) that I had registered as a "collector" car (based on its age, >25 yrs), and here in N.J. it is exempt from all emission and safety examination. The only downside, for you if you want to use it as a daily driver (which I don't), is that I have to show up at the inspection station to show that my annual mileage is less than 3,000 miles per year [and I have to drive around the block of the inspection station, to show that the odometer is hooked up and working :-) ].
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