I guess it depends on the make/model, but is there a general rule?
I've owned a BMW and a Toyota, and the answers is plainly, high mileage German cars are still amazing to drive but cost a lot to maintain. My BMW was pushing 80K when I bought it, I then pushed it to 120K but it cost me a lot to keep it going. My Toyota is almost as much fun to drive and I got it with 55K on it and have had only had to do regularly scheduled services. My guess is that you want something cool with higher miles, vs something less cool with lower miles for the same price. If you are going to really drive it and are OK with spending the money on the upkeep, go for it. If you aren't that kinda guy,then find something fun "enough" to satiate you need for speed.
It definitely depends on the make/model, and sometimes even within that, the year--some years are better than others. Check True Delta for reliabilty figures on specific years, based on owner data.
As a general rule, cars that have endured a lot of highway miles are better off than ones that have been driven primarily in city/suburban areas. Regular maintenance is key, too, especially regular oil/filter changes and maintenance of the other lubricating fluids.
If the car is well-maintained, highway-driven, and is of a traditionally reliable marque (Toyota, Honda, the usual suspects), then a car with 100k on it should only be about halfway through its life. Provided, that is, that you maintain it well, too.
I've owned a BMW and a Toyota, and the answers is plainly, high mileage German cars are still amazing to drive but cost a lot to maintain. My BMW was pushing 80K when I bought it, I then pushed it to 120K but it cost me a lot to keep it going. My Toyota is almost as much fun to drive and I got it with 55K on it and have had only had to do regularly scheduled services. My guess is that you want something cool with higher miles, vs something less cool with lower miles for the same price. If you are going to really drive it and are OK with spending the money on the upkeep, go for it. If you aren't that kinda guy,then find something fun "enough" to satiate you need for speed.
the problem with buying a used car is the fact that you must try to figure out who the previous owner was for instance if the car was brand new and given to a 20 year old kid the chances of him driving the car below 2000 rpm is slim to none and this greatly affect the engine since young adults just floor the car when ever they get a chance with out warming up the engine etc but i agreed with "Dave D." you must review the cars history, maintenance record, etc...
I would try to stay under the 100k mark, but more importantly look for signs of normal wear and tear. If someone took the time and effort to maintain the care for the minor thing they most likely took care of the important things like oil changes, services etc..
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I think the 2 biggest factors are how long do you intend to keep the car, and are you comfortable spending some money on repairs. I put 40,000 miles a year on a car, so I start with one that has a little under 100,000 miles for probably 1/3 of what it cost new, and plan on driving it for about 4 more years. Even replacing the engine and transmission would be cheaper than the hit I would take on a new car, and the money I save makes repairs not hurt as much. Just buy something well made, and go for something interesting so you don't get bored with it.