Buying a used car — the right way — is about more than just saving money upfront. That savings will resonate throughout the rest of your financial life. For example, if you buy a $20,000 used car instead of a $32,000 new car but keep all of the other loan details the same ($5,000 down payment, 4.5% APR, five-year loan term), your monthly payment will be almost $230 less. Now, if you take those savings and put them in a high-yield savings account, you’ll have almost $14,000 saved up by the time your car is paid off. That’s almost enough to buy another car outright in cash, or a hefty emergency savings fund. By being thoughtful about your next used car purchase, you can find a dependable car while also hitting your other financial goals. Avoiding expensive monthly car payments is especially important when faced with financial uncertainties. That’s probably why research firm IHS Markit found that the average car age on the road today is nearly 12 years old. Buying a used car is more popular now than ever — but it does take some extra consideration.