A couple of listers asked so I checked out the DMV website and here are the
relevant lines:
The way I read it, the cheap price is negated by the restriction on everyday
use.
5004. (a) Notwithstanding any other provision of this code, any owner of a
vehicle described in paragraph (1), (2), or (3) which is operated or moved
over the highway primarily for the purpose of historical exhibition or other
similar purpose shall, upon application in the manner and at the time
prescribed by the department, be issued special identification plates for the
vehicle:
(1) A motor vehicle with an engine of 16 or more cylinders manufactured prior
to 1965.
(2) A motor vehicle manufactured in the year 1922 or prior thereto.
(3) A vehicle which was manufactured after 1922, is at least 25 years old, and
is of historic interest.
(b) The special identification plates assigned to motor vehicles with an
engine of 16 or more cylinders manufactured prior to 1965 and to any motor
vehicle manufactured in the year 1922 and prior thereto shall run in a
separate numerical series, commencing with "Horseless Carriage No. 1".
The special identification plates assigned to vehicles specified in paragraph
(3) of subdivision (a) shall run in a separate numerical series, commencing
with "Historical Vehicle No. 1".
Each series of plates shall have different and distinguishing colors.
(c) A fee of twenty-five dollars ($25) shall be charged for the initial
issuance of the special identification plates. Such plates shall be permanent
and shall not be required to be replaced. If such special identification
plates become damaged or unserviceable in any manner, replacement for the
plates may be obtained from the department upon proper application and upon
payment of such fee as is provided for in Section 9265.
(d) All funds received by the department in payment for such identification
plates or the replacement thereof shall be deposited in the California
Environmental License Plate Fund.
(e) These vehicles shall not be exempt from the equipment provisions of
Sections 26709, 27150, and 27600.
(f) As used in this section, a vehicle is of historic interest if it is
collected, restored, maintained, and operated by a collector or hobbyist
principally for purposes of exhibition and historic vehicle club activities.
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