First, you should use the lowest octane rating that will run in your car with timing and other adjustments set properly. Many of these cars will run fine on "regular" or "mid-grade". Putting "high test" in a car that only needs 87 octane is a waste of money.
And please keep in mind that some of these cars had specs that were written years ago, when octane ratings were measured differently. Modern "89 octane" fuel may be equal to older fuels rated at around 93 or so (in the '60s).
But some of our cars need high octane fuel or, like mine, have been modified to require higher octane fuel.
My car has around 10.25:1 compression ratio. I run 100 octane race-gas so that I can run the timing up around 32 total degrees BTDC (at over 5000 rpm....I don't really care where it runs down at lower rpms).
If I run 93 octane street gas, I have to back the timing down to around 26 degrees (at 5000+ rpm). This means the spark occurs when the fuel mix is less compressed...in fact the fuel mix "thinks" it is only being compressed to about 9:1. This is an OK compromise, but it essentially "wastes" my high-compression pistons and reduces efficiency (meaning that I burn more fuel per hour).
I can get better mileage and much more power if I use the correct fuel (for my compression ratio).
Same on an LBC street car: If a car is supposed to use 93 octane and you back the timing down so that it will not ping on 87 octane, it'll run fine but make less power and burn more fuel (because it fires when less compressed, so you get less energy out of the fuel).
Modern fuel-injected cars with knock sensors and better combustion chamber design can throw all this logic out the window....some modern cars can run super lean fuel ratios with low-octane gas and 11:1 compression ratios. They can make great power, pollute less and get excellent mileage to boot. This is the beauty of computerized systems....but you can't "futz" around with adjustments like our old cars, so they are less fun.