V2V doesn't have to be limited to reporting just your own vehicle's data. Each packet could include data known about other nearby vehicles. Why does this matter? Because my car has radar, cameras, and ultrasonic sensors that detect all sorts of nearby vehicles today, so its packets could include reports on all the nearby vehicles it detects, including your old car.
Additional data on other vehicles helps identify failing systems (or cheats), and can theoretically provide some corroborating information about the nearby traffic. Let's say that one of the paranoid people who have posted above tries to dodge tickets by rigging their V2V to always report they're traveling the speed limit, even when they're exceeding it by 30 km/h (even though it's obvious that reporting your coordinates every 100 milliseconds will reveal your true speed.) But if a couple different cars with radar report "vehicle at X,Y, bearing B, change in bearing -3.000 d/s, velocity 38.00 m/s, acceleration +0.1 m/s/s", then even if the offending car self-reports that it is going at 29.00 m/s the rest of the cars in the area can still respond as if it were traveling at 38.00 m/s.
(It's also interesting to consider that evolution will tend to remove incorrectly reporting cars from the road, as they will be involved in more accidents.)
Note that this doesn't even violate anyone's privacy in order to achieve safety. The packet doesn't have to identify the vehicle, as its location is (or at least should be) unique. That way if my right side ultrasonic blind spot sensor picks up a car that is 2 m away, it can simply report the existence of a vehicle at the computed X,Y.
Finally, how does this benefit you, in your old vehicle that doesn't have a V2V system? Once other cars on the road have V2V, those other cars will control themselves to avoid colliding with you. Every car that automatically steers itself away from harming you is one less chance at an accident you might get in. It won't make much of a difference initially, but as time goes on and more vehicles become equipped, you'll gradually have your risks reduced.