Compare the following.
3 year old C172 with 1500 hours, vs 40 year old Comanche with 8000 hours
The Cessna sits outside in Houston. Students learn to land in it, and have porposied it hundreds of times, plus all those screwed up crosswind landings. The firewall has been replaced once. Renters and students climb in and out 3-4 times per day, tearing up the trim, carpet, seats, ect. The engine has been overheated during slow flight countless times. It's been spun several times as students try to learn stalls. Students have been doing 0 G parabolas with the resulting 2-3 G pull out. 500 hours per year is actually low for a flight school airplane.
Vs
The Comanche was hangared in Lubbock. It's only had two owners, both of whom used it as their personal aircraft. It's been repainted twice, with a full strip, prime, paint job by a quality shop. The interior has been redone 3 years ago. There has been a few cases of hangar rash, but all have been fully repaired and documented.
I know which one I'd buy.
The point is that TTAF is only one part of the picture. A flight school Cessna ages about 5 years for every year on the line, and can be a total wreck in a short period of time. A private airplane that averages 100-200 hours per year will last basicly forever.
Paint jobs and interior refurbs are great because they let the mechanincs look at the bare metal one every 10 years or so.