Buying cheap knowing you'll have to rebuild?
I'm considering buying a nine year old car for sale that has very high mileage. It runs fine and everything looks pretty good cosmetically. However, I assume that I'll need to rebuild or replace the engine and transmission before too long.
Suppose I buy this car cheap, and later replace those drivetrain components when they break. I then have a car that is sort of "good as new" mechanically.
Are there any problems with this car buying strategy? Does it make economic sense?
In case you are curious about the car's details:
1999 Honda Civic
230,000 miles on the odometer (the owner claims this resulted partly from highway driving during a long commute)
New Tires (80K warranty), New Battery, New Radiator, New Belts, New Air Conditioner compressor Unit, new fluids.
Original owner is selling it.
Alternator, water pump, CV joints and boots have never needed replacing.
Timing belt was replaced only once, at 175,000 miles (seller claims this is not far from the factory recommended interval for timing belt replacement).
Current asking price is $4050. The seller claims to have received offers of about $3500, but is holding out for a little more.