High mileage isnt a problem - its whether its been serviced at the correct intervals - if its done 100000 up and down the motorway then servicing at 20,000+ isnt much of an issue as mostof the vehicle isnt under stress, but if its done 100,000 around town then realistically servicing should be around the 5000 mark, as componants arent reaching their desired working temperatures, and also breathers arent doing their job as effeciently so there fore all sorts of crud is attatching its self to the internals. My last discovery had over 200,000 miles on it and was still going strong.
Also engine technology has moved on a lot in the last 30 years..i remember ford used to have a 100,000 mile club for vehicles that had reached that figure on their original running gear - be a lot of owners in that club now!!