Some states also have 'classic' registration which (in WI at least) is paid once and lasts as long as you own the vehicle. It's more expensive up front than a regular yearly registration, but once it's done it's done. It also carries additional restrictions befitting the intended operation of a 'classic' (e.g., owner must also have a regularly registered vehicle, not allowed to drive in January, hauling restrictions if it's a truck) which make it cheaper only as a second vehicle.
The rules are designed to apply to vehicles being preserved, and are a help to hobbyists who can afford to own two or more cars. They seem to be designed - for better or worse - to exclude people who happen to rely on an older car as their only vehicle.
For classic cars the UK is similar: anything over 40 years old is exempt from the annual MOT inspection.
Aside from that, the license tax is often scaled to the vehicle value.
A new $25k sedan here (Arizona) costs like $350 or so per year to license, but a 40-year-old one worth $700 scrap value costs like $30.
A very few states have a more stringent "inspection" but it mainly checks that the car has working lights and brakes - nothing like an actual costly check.
The USA doesn't even mandate daytime running lights as far as I know.