The framework of Baikov–Gazizov–Ibragimov approximate symmetries has proven useful for many examples where a small perturbation of an ordinary or partial differential equation (ODE, PDE) destroys its local exact symmetry group. For the perturbed model, some of the local symmetries of the unperturbed equation may (or may not) re-appear as approximate symmetries. Approximate symmetries are useful as a tool for systematic construction of approximate solutions. For algebraic and first-order differential equations, to every point symmetry of the unperturbed equation, there corresponds an approximate point symmetry of the perturbed equation. For second and higher-order ODEs, this is not the case: a point symmetry of the original ODE may be unstable, that is, not have an analogue in the approximate point symmetry classification of the perturbed ODE. We show that such unstable point symmetries correspond to higher-order approximate symmetries of the perturbed ODE and can be systematically computed. Multiple examples of computations of exact and approximate point and local symmetries are presented, with two detailed examples that include a fourth-order nonlinear Boussinesq equation reduction. Examples of the use of higher-order approximate symmetries and approximate integrating factors to obtain approximate solutions of higher-order ODEs are provided.