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It properly applies to all antiques, cars or otherwise. The better question is not whether its an important concept (as there would be no museums without regard for it) but to what extent if at all serious collectors should pay heed to it. This depends upon whether or not we look at our cars as only personal property or as historical artifacts that ought to be preserved for successive owners and the public to appreciate and use as reference.
Some people have offered a false dichotomy. They think that collectors never drive their car. That's just not true. I don't know of any serious collector who keeps their cars in mothballs.
If you live near Philly you know how much Fred Simeone loves to drive his cars. He's also one of the foremost proponents of preservation.
I agree to a certain point. With ORIGINAL cars with born with drivetrains then it can be classified as stewardship of an original example. Vehicles with modifications are just that but some still consider their ownership of such vehicles as stewardship of a day two type example. My 1965 car falls in the second category. I just replaced my original 300 h.p. engine that I sold rather than keep it as it would be unlikely that it would ever be re-installed much to the horror of purists. I am upgrading it to a stealth 383 that will appear as a factory 365 h.p. engine. I have also upgraded the original vinyl seat covers with reproduction leather covers and added aftermarket wheels. These are things the car represents what many would consider day two type modifications not unlike adding KO wheels and factory type SE to a car that did not come with them from the factory. So, my car like many others should be considered by current onlookers or future buyers as an example of an original type car with day two modifications.