This is an interesting question. I note that the OP put it in the Politics/Religion/Current Events section. He's dead right to have selected this forum. More on the political and social aspect of this matter another time.
Quick point for a previous contributor: If the oil companies are getting back money extracted from them by way of taxation, that is not a subsidy. It is a recovery. And that is fair enough. One notes that in the USA a car owner is not paid to purchase a gasoline car, although he would be paid thousands of dollars were he to purchase an electric powered one. It would appear to be the same deal in parts of Europe as well. That is a subsidy. It is a surprising fact that wealthy people are being subsidised by those of far more modest means to purchase what amounts to a toy- a discretionary toy (the third car in the household garage!).
The OP asked whether anyone would convert an old car to electric since electric drive can accelerate quite effectively. It is a valid question. So, would I consider doing it? Yes! Why not? Sure, I'd not use a car which was a highly regarded or sought out classic for the job though. I think it would be best to choose a car which would otherwise be on the one-way trip to decrepitude, parting out and ultimately the crusher. In that instance one is saving the car and that is completely acceptable- far preferable to the alternative.
In regards to electric cars, there are several issue to mention. If the electric car's outstanding acceleration were to be utilised it must always be understood that comes at a heavy price, the range (and to a lesser extent battery-pack life - so I would not be using it as a race car, even for weekends). A few of those impressive 0-100 mph blasts and the range collapses dramatically. In many instances the range becomes unacceptably short. Same deal for top speed runs. Hit any sort of decent speed (worse, do it up-hill or on a cold day) or try to sustain it and the range just falls to pieces. This issue limits the electric car to short, known, pre-planned trips (like say, around an urban or sub-urban conurbation). So, in the case of the electric car, frequent (repetitive) use of accelerative performance during an excursion means that range performance is decimated.
Second point, use of air-conditioning and cabin heating to the extent one uses them on hot or cold days also has a wildly disproportionate effect on range.
Third point, the electric car has poor utility. It takes an extended period of time to properly recharge. Recharging is a task which MUST be attended to properly and without fail. It is not a matter of forgetting to do it and then running off to the gas station for a 3 or 4 minute top up. You MUST care for your batteries and attend to their requirements carefully. You need to be doing this task every single day. It is an added chore which has to be attended to. Failing to do it WILL leave you stranded and worse, lead to battery pack damage.
Forth, cold days provide dense air. Dense air increases drag force. This reduces electric car range. Beware weather. It has much more of an effect on the car than you'd imagine.
Fifth, if it is a near silent transport experience one seeks, then an old luxury car such as a Jaguar XJ12 S2, A Rolls Royce of similar vintage, certain body on frame US sedans (and personal luxury coupes) will easily provide that experience. The advantage they have is range, cheapness and low cost of ownership. The disadvantage is that they are old and definitely not trendy or techy.
Sixth, electric cars with their high voltages and high currents are definitely in a class of their own when it comes to safety. There are unconventional dangers present which do demand a respect all of their own. For example, there is high voltage DC… many hundreds of volts of it! This is no joke. Indeed, for a person to maintain or work on high tension electrical equipment requires special registration and qualification on most parts of the world. Beware working on one of these cars yourself for any purpose! You can’t see what is live and dangerous. Electricity does leak and it sure likes to seek a path to ground. You do not want to be anywhere on or near that path. You sure better know what you are doing. Then there is the issue of electromagnetic fields and your health. Lots of unknowns about this. What can be stated is that there is a whole lot of electromagnetic activity present in an electric car and the passengers are right there in the middle of all the action! Good or bad? You can be the judge!
Seventh, lithium batteries are exceptionally dangerous should anything go wrong with them. For example, while not ideal, petrol or diesel in a conventional car can leak and come into direct contact with water and oxygen without consequence. On the other hand, lithium begins an exothermic reaction immediately on contact with oxygen. It likes reacting with water also. If this reaction gets going the consequence is a very aggressive fire, near impossible to extinguish and potentially explosive. Not good. Thermal runaway is something else lithium batteries (as well as some other types) are known for. The runaway inevitably results in fire. It can come as the result of mechanical damage to the battery (for instance in a car accident) or as a total surprise for the owner, lacking apparent cause. Boo!
Eighth, in the aftermath of a crash it is difficult to know whether the body of the car has become live or not. While there are systems which are intended to isolate the batteries in the event of a crash, there are no guarantees they have not been defeated as a consequence of the crash. Good luck!
OK. That’s some of the vexatious issues and drawbacks mentioned. Having said that, let’s consider the range issue for the moment. It would appear that there are two means to ameliorate it. Why not reduce the size of the problematic (and very expensive) battery bank to the minimum needed for strong dynamic performance and add a modest engine + generator set? Build the car as a series hybrid. The engine could be located inside a soundproof enclosure and be silent (rather like the diesel generators present on yachts and those on building sites). Such a car would provide the experience of electric drive without the range issues of a pure electric. Also, in this case one could use lead-carbon batteries instead of the lithium type. These provide far superior battery life-span as well as much greater safety at far less expense. The weight margin of lead carbon over lithium cells would not be such an issue since the battery pack would be significantly reduced in capacity anyway- there just would not be the need to store ALL the energy in the battery pack. Refuelling would be a few minute affair which would occur once a fortnight or at even longer intervals- hence a far higher utility than a pure electric.
So, in answer to the original question, yes, I’d consider it warts and all. Could be interesting. Definately fun stuff.
P.S. take a look at the Rimac Concept One. Great performance, reasonable range, expensive, pretty, huge roadholding, sound handling, fun to drive, catches fire when rolled! All in all a most interesting vehicle with a fascinating back-story! Recommendation to everyone, find out more about it.