At what range of miles do you expect to see diminishing returns in value for buying used. Obviously it is vehicle specific to an extent but speaking purely in regards to finances at what point is the high miles discount offset by the expected high maintenance costs?
The reason I ask is because my 02 forester is rapidly approaching retirement. I have 215k and on kbb it is listed for roughly 1200$. My head gaskets and crank seals are leaking oil to the extent it's embarrassing to park overnight at a friends house or something. It is making a few new noises under the hood as well. But because of its low value, and extensive requirements I don't want to put money into it. So I have been watching craigslist.
Anyways I found a 05 crv I like with a stick shift, which is a big plus for me. I like its looks, and the ground clearance of crossovers is important for my hobbies. It has 202k miles though, the seller is asking 5300 which is high according to kbb but even if I got them down to kbb value of 4700 it seems like I might be moving from my vehicles problems to another's and spending 3.5k in the process. Basically I really like the crv, I am eager to move on from my Subaru, and have a high savings rate so I don't mind not making the ideal vehicle purchase. However, I have feeling that buying a vehicle with such high miles is worse than less than ideal and could be considered a risky purchase with little upside.
What's your guys thoughts on spoiling yourself with a relatively, compared to peers, inexpensive vehicle treat to yourself. Anyone knowledgeable of crvs? They seem to have good ratings.