reuse is the purest form of recycling.
out of context, I'm not exactly sure what the old timer's point is but I certainly don't settle for a loud, clanky engine that leaks just because it's older than most. Something tells me, a lot of the people around here don't accept a less than smooth running machine, not matter its age, either.
old cars might not be the greenest running machines but a properly cared for classic creates nowhere near the waste of manufacturing a new vehicle. At least, it'll take many years, far more than most maintain a single vehicle, for the new car to out weigh the efficiency of reusing the finely tuned oldie.