100% share the method. If you are patient, somewhat knowledgeable, and frankly lucky you can pick up some nice things for real cheap at that point. Sometimes they can turn into money puts, but oftentimes with some preventative maintenance, things just keep going smooth.
I'm finding that the limiting factor is the catalytic converter. They just seem to wear out around ~200k miles. Replacement is about $4000 and California has a scheme offers $1000 to scrap it so at that point it is usually more economical to replace it with another ~10 year old car.
Just checked and for my 24 year old truck in Mississippi I can get a new one for under $200 and it takes maybe 30 minutes to change. $4000 seems quite crazy to me.
