There's certainly degradation that occurs to a car with lots of mileage, but it's generally with the interior and the electrical systems. There may be some exterior corrosion, too, if you live in the appropriate climate though corrosion resistance has improved a lot on cars lately. And, of course, all bets are off if you don't properly maintain the car.
I should get around to replacing some suspension components to make it more comfortable to drive, probably will later this year when I get some time. They're not terribly expensive.
The other side of it too is accidents are likely to always be an issue with cars (even in a world of self-driving cars, I suspect), and there are plenty of other safety reasons cars shouldn't be expected to be driven for too many years without replacement.
Electric or ICE, as you hit 150-200k, you'll have long since worn through all kinds of rubber bushings on virtually every part, you'll be approaching the point where you've had to replace starter or alternator, you'll have (hopefully) replaced your suspension a couple of times, and so on. As the value continues to decline, the 'value' of spending parts+labor money on any of these replacements starts to decline.
Having said that, I remember that 20 years ago, those kinds of parts would need to be replaced after maybe 60-80k miles. However, everything seems to be better built now - my van has 214k on it, and no sign of needing replacements - same goes for all the cars I've bought and sold (20 or so) in the last 3 years.
Going a little deeper, probably your tie rods and sway bar links are shot, as are the control arm bushings (which may or may not be integral with the entire control arm).
Further on down the mileage line, virtually everything is wearing out. Rubber bushings in control arms. Rubber bushings in all your rear suspension points. There's rubber EVERYWHERE on cars, and it all wears out. Motor mounts, transmission mounts, shock mounts. Again, it'll still go down the road, but it won't drive like new. You might have a lot of slop in steering, slop in cornering. The car might pull one way or another under acceleration. It'll be louder, harsher, clunkier.
It helped that I was able to get a brand new loaded Volt for $9,000 off plus an additional $7500 tax rebate. which in the end means that I have the best of both worlds for $25,000 with a full warranty etc..