The old 1977 rule is gone. The new rules are as follows- 1975 and older are emissions exempt and qualify for collectors plates. Cars 32 years old or older back to 1976 qualify for the plates, and need emissions every 5 years. The cost for the 5 year collectors plates was equal to about 3 years registration for regular plates on one of my cars, plus I will save $60 by not having to run it through emmissions for 4 years.
Couple more notes on this-
Emissions is only done along the front range as far as I Know, West slopers and plains people are probably exempt altogether,
I think 1982 and older qualify right now, but check on that, as I don't know how they calculate the 32 year rule, but the point is every year from here on, a new model year will be eligible.
and last but probably most important-
YOU HAVE TO SIGN OFF THAT YOU DO NOT INTEND TO DRIVE MORE THAN 4500 MILES A YEAR IN THE CAR!
For the most part, this is good news for gen 1 and gen 2 owners who have been wanting collectors plates for whatever reason.