I know what they are looking for. But to people who KNOW about cars (IE enthusiasts, don't believe that car salesmen know half as much as they think they know) then you take the whole package.
You inspect everything, engine, bodywork, interior, wheels, suspension components, etc.
I just go to basically every single show in the community for the last 2 years, I've seen enough Mk5s to know where my old one stood in terms of quality of bodywork. My current GTI is not all that good (in my eyes) but other people think it's amazing. Just goes to show... Buying my GTI I looked at 6 cars, the one I bought was the 6th. 4 of them were CRAP. Either bodywork or mechanical or a combination of both and yet they all had between 40k and 70k.. one was even advertised on here!!!!!! So lower milage and yet crap condition! The best condition one I looked at (the first one) had 85k and this one that I bought had 89k and was the 2nd best condition. So the two highest milage cars I looked at were the best.
The fact is I put the car up for sale for £6750 and within 2 weeks I had had several offers of over £6000 and it was actually sold in cash at full asking price. When was the last time you hear that happening? A car sold within a fortnight for full asking. I am only speaking from experience. On Autotrader or Egay then people would probably have been put off with the mileage. However where it was advertised (on here, Edition, uk-mkivs etc - Enthusiast sites) people are attracted to the condition of the vehicle and generally do not care about mileage because they understand that in the grand scheme of things this doesn't matter and is not an indication at all of vehicle condition - mechanical or bodywork.
Don't under estimate the power of the consumer. WE as buyers control the market. If we don't buy a car because WE THINK it's too expensive the price will drop.