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The informed buyer sees the top-end rebuild at 165k and the trans rebuild at 170k, the fat stack of receipts showing regular and careful maintenance, and knows that 180k car is plenty good, and worth MORE than the 120k car with no receipts to speak of, or all receipts, just nothing that indicates freshened mechanicals. All kinds of stuff goes into a buying decision, and a premium can be had for cars in top shape, even if the miles seem high.
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I generally agree that the best 180k car is worth more to an educated buyer than a ragged 120k car. But that is a false choice. Those are not the only two cars available for the Porsche buyer's money.
1) "educated buyers" willing to spend $20k for cars with 180k miles are a very small segment of the market.
2) At that price point, you can get a very solid SC with 60k fewer miles with the same receipts and mechanical work.
3) that makes cars over 160k slow selling -- particularly if priced at a premium. Most buyers are going to want to pay $12-15k for a 180k mile car, no matter how much work it has had.
The basic point I was trying to make is that
all other factors being equal mileage is a significant price discriminator, and its affect tends to occur in mileage bands.