I disagree with the comment above regarding modern cars.
Cars are much more reliable these days than they 20, 30, 40 years ago. Yes they are more complicated, but they're inherently more reliable. Furthermore, modern cars tend to have much higher mileage relative to their age than those in previous vintages.
When I was growing up, it was rare to see a 10year+ car on the road, as most had been scrapped by then. Today, 10y and 20y are not uncommon and many are still in excellent condition.
I'm always been amused by those that state that cars were more reliable X years ago, and then go on to announce that they've only had one reconditioned engine, a gearbox rebuild and a couple of suspension refreshes in the Xk the car has done.
Mileage is not the issue here, as long as the car has been maintained correctly and looked after, I don't see any issues between a car of similar age with 200k and 40k. Provided the mileage is reflected in the price and,as with any second hand purchase, you are happy to get any issues resolved.
As already mentioned by others, I have seen cars with less than 100k which I wouldn't touch with a bargepole, and others with twice that which are as good as new.
Arguably age is more of an issue, as certain components will age over time and will need replacement, most notably suspension parts. I tend to fnd 10 years is when these items will need replacing, but again this also depends on the previous care and servicing that's taken place.
Buy on condition, service history and age. Mileage comes down the list.
The complexity of modern cars does mean that there is greater scope for things to go wrong. As in previous years, a healthy second hand parts supply at the breakers yard and half decent mechanic means that problems can still be overcome when they arise.
There are relatively few cars on the road 20yrs+. That's because the good ones are kept going and the not so good get scrapped. I dare to suggest that the same will be the case with todays cars.
Don't believe those that insist just because they drive a 40 year old car that's been well maintained that newer cars aren't capable of reaching the same age or mileage without serious issue. As previously stated buy on condition, research the model you interested (eg. SBC and Valeo rads on W211) to ensure you are aware of potential issues, get the car serviced regularly, budget a small amount for repairs and enjoy whichever car you choose.
Regards, Neil