The phrase implies that any effort put into the task is wasted and pointless. He's still fixing that old car, but it's like flogging a dead horse.
Pro Tip 2/3
Futile Argument
Often used to suggest that arguing or persuading is useless because the decision is already made. Don't bother arguing with her about the trip; it's flogging a dead horse.
Pro Tip 3/3
Move On
Suggests that it's time to stop an action and proceed to something else more productive. Stop revising the proposal, it's just flogging a dead horse now.