We’re no doubt preaching to the choir here, but there are lots of great reasons for buying an older used car.

If you’re nostalgic for the style of a past era, these vehicles will satisfy your thirst for vintage design. For example, there’s no denying the elegance of a classic Jaguar.

In some cases, older used cars offer performance benefits that are hard to duplicate in newer models. Case in point: With its high-revving, naturally aspirated V8 and sonorous engine note, the E39 generation BMW M5 delivers a driving experience that’s one of a kind.

Finally, buying an older used car may allow you to take a big step up when it comes to your choice of vehicle. Thanks to depreciation, older used cars are just a fraction of the cost of their new counterparts. Hardly anyone can afford a brand new Mercedes-Benz SL roadster, but one that’s 10 or 15 years old can be had for used Camry money.

While we do advise paying cash for a used car rather than financing it, we recognize that not everyone is in a position to do that. So if you are going to make your purchase with the help of an auto loan, it’s important to know that there are significant differences between financing a new vehicle and an older used car.

Because financing an older used car comes with a unique set of challenges, we’ve compiled this comprehensive guide to help you navigate the process from start to finish.

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Imagine a spirited drive along your favorite road in a top-down roadster. The scenery rushes past, and there’s nothing but sky above you. With nicely weighted steering and near 50:50 weight balance, the chassis becomes an extension of your fingertips, while your feet coax beautiful arias from the smooth-spinning inline six under the hood.

It’s no pipe dream. Thanks to the magic of depreciation, this fantasy, in the shape of the E85 generation BMW Z4, can be yours for less than $10,000.

And considering that buys you a premium German roadster with some of the best powertrain options ever offered in a BMW, we think it represents an outstanding buying opportunity in today’s market.

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It would have been rare a few years ago for hybrids to show up on most used-car shopping lists. There weren’t that many in the market, and there wasn’t much choice.

Toyota’s hybrids dominated, with gas-electric models from Honda and Ford in distant second and third place.

But stuff happens. Things change.

Today there’s a wide selection of used hybrids available, from almost every manufacturer. Because of their often-stellar fuel efficiency, plus the high-end trim and standard equipment levels among many of the more recent models, they are cars – and crossovers, SUVs, and trucks – that most every used-car shopper should consider.

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