The big three auto makers are saying that their cars should run without a problem with the chips they presently have. Further testing should confirm this later in the year. But other things car related might not work. Credit systems on self service gas pumps are at risk. There is a good chance the computer diagnostic tools of non-affiliated mechanics might not work and people will have to go back to the dealer for service and pay twice as much and wait twice as long.
Old chips don t die.
They just go on and on in lesser situations. The venerable Z-80 chip was first sold in the 1970s. It was a wonder when it was new and you can still get them. They are much faster now, at 20 MHz, but they are still essentially the same chip doing the same work but for a much cheaper price. The Z-80 costs less than a dollar each now and the tools for programming and debugging this chip are almost universal.