My '96 M3 had 209,000 miles on it when I got rid of it. Or, more accurately, when it got rid of me. It was a salvage title car that had been reported stolen twice (likely actually stolen at least once) and had a pretty hard life otherwise -- lots of 130 MPH driving and northeastern US winters.
I took it on several road trips. Only once did it give me cause for worry, when some bearing(s) in the steering column started failing. This was likely related to the theft(s). And in all honesty, I had seen the symptoms before the road trip and should have fixed the problem before I set off. Other than that, it always got me there and back without a hiccup.
I tried not sit in the passing lane at any speed... because I exercised proper lane discipline (i.e. stay out of the left lane except while actually passing an actual car that is actually to your right). But I did pass people. A lot. And took off briskly from red lights, and redlined at least once a day (usually several times), and... became acquainted with power oversteer.
The car definitely did not feel like-new. There was always a little bit of looseness or vibration here and there that I never got rid of. It did feel really good overall, though. It takes a lot to make an M3 feel any way but good, if we're honest....
Head gasket failure finally did the car in. Again, the car had had a pretty hard life by that point. Make of that what you will.
As for pros and cons:
Pros:
- Less depreciation per mile
- Less worry about dings, dents, and minor problems
Cons:
- More worry about catastrophic mechanical failure (though that usually comes with a lot of warning if you're paying attention)
- At some point, it might cost less per-month to pay for a car with an active warranty than it does to keep your current car in operating condition (though it usually takes a LOT longer to get to this point than people think)