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You (and Kestas) raise good points.
I have had but one cradle to grave machine, an '86 Civic Wagon, which went from dealership to junkyard in our hands, well past 200K.
Anything can be fixed. If you read the Brit magazine, Automobile, you see piles of ancient parts transformed into London-Brighton runners.
However, when viewing an average car, there comes a point where it is no longer reasonable to keep it. Also, the cars of the past forty or so years, full of injection molded plastics, and of the past twenty, full of irreplaceable and quickly obsolete electronics, will not be very restorable. This is why, for example, you see most running mid 'seveties 912Es converted to carbs (I only know this because I've been looking for one). There is no desire to play with and find parts for the old Bosch FI.
Also, the option of bastardizing a car to keep it on the road is reduced with each new emissions inspection and testing requirement. At the end of the day, almost every car reaches the end of its natural life sometime before its twentieth birthday.