Not as 'bad' as you might think at first glance - most of the latest requirements to gain each level of star rating is for the car having anti-collision tech, not for how structurally safe the car is. For example, the latest Ford Mustang originally got a 2 or 3 star rating because it didn't have some of those three-lettered acronymn devices on board.
The other point is that often a 3 star rated car today would've been a 5 star rated one 3 or 4 years ago, and a 5 star another 3 or 4 years before when the criteria were less stringent.
My 15yo Mazda3 is a '4 star' rated car, but it would be lucky to get 1 or 2 stars today if retested. That doesn't make it 'unsafe', just less so in certain types of accident or situation, especially if the driver is not up to the job.
I'd say that cars from the early - mid 2000s that at least got a 4 star rating and are well maintained should be more than safe enough in the hands of a competent driver.
The latest 5 star rated cars will be better, but I think the largest jumps in safety tech were first of all in the early 90s with the addition of crumple zones and side impact bars across the board, then with ABS and later with other safety devices and cars generally handling far better (thanks in part to much better tyre tech) than before.
All cars sold must pass minimum safety standards, and a zero-rated NCAP one will still be a pass.
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