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28-29K is average mileage for an early purchased '07. If by "1 year old" you mean an '09 then it's high but it would almost have to be all low stress highway mailage. Check maintenance records, as long as there were no major repairs and decent oil change intervals the cars would be fine.
All Warranties would still be in effect anyway, right?
I am not a mechanic; but I think with such a high mileage on it; the engine and suspension of the car are wore to the extreme. Am I missing something?
Yes. 29K normal miles does not result in "extreme" engine or suspension wear. Not even on Ferraris.
An un-abused Corvette with 29K miles will have needed tires, air filters, and four oil changes. Plus perhaps some minor "they all do that" repairs like a replacement clutch pedal spring or new anti-roll-bar links, and a battery depending on the car's age.
That said, everything in the car has 29K more miles on it than a new one, so you should of course discount for that. And it seems like there are plenty of lower mileage cars out there (plus we're coming into winter) so you should be able to find a deal.
I'd reserve the term "high mileage" for a Corvette with over 100K.
Part of your decision should be how many miles do you plan on putting on it yourself? I bought my 05 with 39K miles a year ago and now have 40K so now it is a low mileage car. If you are going to put just a few thousand miles on it a year then you will have a low mileage car in a few years. With the Mobile 1 oil you will get over 100,000 miles no matter how you drive but the accessories will need replacing with regular maintenance like: brakes, tires, belts, a/c, alternator, starter, filters, battery, window switches, etc. but that is minor if you are getting a good price.