Anything with that mileage and that age will need the works.
This a problem age for a used car. My own 98 Mercedes has 181K, but is absolutely perfect. Not one mechanical/electrical/etc. flaw and cosmetically it's very good, excellent considering the mileage. Why? Attention to detail and impeccable maintenace. Nothing goes unrepaired.
So? They're out there, but they're NOT for sale! The reason I keep such meticulous care of it is that I'm keeping it. When you find the 7-8 year old car for sale, odds are the owner has let a series of problems build up, and wants rid of it. If he/she was a "new car addict" it would have been sold long before 8 years went by. If they were freaks about keeping the car in good shape, they'd probably be keeping it.
If I were shopping for a used car right now, I'd either be considering an 01-03 as they're still in good shape and haven't had a chance to "pile on problems," or an older model, like a 1993-95 car. The older ones have had some work done, have life left in them, and asking prices that are very low. A 2002 used car is a "keeper" car that you could get another 12+ years out of if you pick the right make/model. The 93-95 is a cheap buy that won't depreciate much more in the 2-3 years of driving you should be able to get out it, and is a cheap transport buy for someone that doesn't have to pay dealer labour rates for minor repairs and maintenance.
The real killer cars right now are the 97-98 models. They're new enough that people want real money for them, but the folks selling them at this point are letting them go because the car is ready to have a few grand spent on it.
Of course, there are exceptions. I have seen a few 98-ish cars sold by friends that kept them in incredible shape and took a bath by selling them just because they wanted a new car. But, you have to look carefully for one of those buys.
