We've got about 210k (I think) on our wagon. Transmission started to slip a while back and has slowly gotten worse but it still drives like a dream. We're getting a 5 spd put in next week and I can't wait. I get exactly the car I want with less maintenance down the road for way less than the cost of a new comparable car.
Speaking of a new comparable car, if there does exist (in the US) a brand new 5 speed diesel wagon with a huge interior that drives like a dream, please let me know. Maybe there's a $40k Audi out there?
To each his own. I can definitely understand the reluctance to drop that much cash on an 8-9 year old car. I love not having a car payment and just addressing problems on a paid-off car when they come up, so long as those costs don't outstrip the ownership of a brand new car.