Option 1: With an exclamation point
* He will never understand it in a thousand—no, make that a million—years!
This option emphasizes the speaker's strong feeling that the person will never understand. The dashes set off the parenthetical phrase "no, make that a million" and the exclamation point shows strong emotion.
Option 2: With a period and a comma
* He will never understand it in a thousand—no, make that a million—years.
This option is more matter-of-fact. The dashes again set off the parenthetical phrase, but the period at the end makes the sentence declarative rather than exclamatory.
Choice depends on context:
* Use the exclamation point if you want to convey frustration, disbelief, or humor.
* Use the period if you want to be more neutral in your tone.