Of the films in this niche genre,I would agree that it holds up well. However I would have to qualify that with the fact that it was a relative late comer and therefore had all the redneck and southern car chase stereotypes to follow. This one had the additional advantage of two TV "stars" of that time (from red hot shows).
I remember seeing it for the first time at the multi-plex during that summer of Star Wars and it must have made an impression on me because I still remember lines and scenes from it. So, maybe it deserves "classic" status now.
"As far back as I can remember, I always wanted to be a gangster"