The driver was stopped after travelling at speeds of up to 170km/h in a 100km/h zone, allegedly in pursuit of a Nissan Skyline driven by a 36-year-old man - not a P-plater in sight.
When police questioned the man, he justified his actions by explaining he was a skilled driver that had raced cars in the past.
"It is disappointing to see a senior member of our community being so irresponsible - what example does this set for younger drivers?" Acting Sergeant Carlo Visser said.
Previously, the oldest driver to have his car impounded was a 64-year-old Melbourne man who drove his Porsche at 110km/h in a 60km/h zone.
Police in Victoria alone have already impounded 42 vehicles under the new hoon laws since the start of the New Year.