If you are considering the purchase of a gently-used older car — perhaps something like the 51k-mile Mercedes-Benz S-class pictured above, which originally stickered for sixty grand but recently sold on eBay for just $5300, or even just a practical family hauler that you plan to drive until the wheels fall off — congratulations. You are well on your way to eliminating from your budget the costliest of all car ownership expenses.

However, there’s more to buying an older car than just forking over some cash and autographing the title. While you won’t be signing up for staggering new car payments or steep depreciation, you will have to navigate a few other pitfalls inherent to a taking on a second-hand vehicle.

So before you click Buy It Now on that oh-so-tempting auction, take a moment to consider these five important — and perhaps surprising — guidelines. They will help to ensure that you end up with a car which is not only cheap to acquire but also a joy to own and drive for many years to come.

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The ever-increasing mania and resulting skyrocketing values of air-cooled Porsche 911s have put those cars way out of reach for most buyers. Meanwhile, prices for the 996 generation, the first 911 with a water-cooled engine, have languished, in part because the prevailing wisdom among Porsche collectors is that the sun rises and sets only on the air-cooled cars.

Values are depressed, too, because of a known design flaw in the standard 996 engine that can, if not attended to, lead to a catastrophic failure, costing tens of thousands to repair. While this understandably gives most buyers pause, the truth is that a preemptive fix is readily available — and, even better, that many 996 examples on the market today have already had it applied.

This is all great news for the more practical enthusiast who wants to get in on the all-around goodness of Porsche’s iconic and entertaining sports car but without breaking the bank.

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