Those who can’t afford a new car--or at least one that offers the room and features they want--often end up shopping the used-car market. But what they gain from a price advantage can be quickly lost if something expensive breaks, so they’re taking more of a financial risk.

In “New-Car Alternatives to Used Cars,” we looked at seven new models that start at less than $15,000 including air conditioning and destination charge. These have the advantage of being covered by strong warranties that protect against unexpected repair bills for at least the first three years or 36,000 miles of ownership. Yet, nearly all were fairly small, and none included such (often expected) amenities as power windows and remote locks for that price. Here, we’re going to look at used-car options that are better equipped and less expensive while still providing some measure of security against unexpected repair bills.

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Let’s say you’re looking at used cars that are two or three years old in the $10,000 to $15,000 range. Many came new with a 3-year/36,000-mile (3/36) Bumper-to-Bumper Warranty, and it’s quite common that they would also have a 5/60 or even 5/100 Powertrain Warranty (which essentially covers the engine and transmission). Both are transferable to a second owner, but with one very important stipulation: They had to have all the recommended service work done, and on time. And the only way to prove this is with receipts. (Note that the famous 10/100 powertrain warranty offered by Hyundai and Kia is only transferable to a second owner in the original buyer’s family, and the 10/100 powertrain warranty offered by Mitsubishi isn’t transferable at all.) Furthermore, there won’t be much--if any--left on the Bumper-to-Bumper Warranty, and there may not be much remaining on the Powertrain Warranty, depending on mileage. There’s also the possibility the car was in an accident, and even the best body repairs can never really make the car “good as new.” And often, it’s not even close.

This is not intended as a scare tactic; it’s just the facts. And perhaps a reason to look at an alternative.

Falling between new and traditional used cars on the scale of cost vs risk are Certified Pre-Owned Cars. These are typically more expensive than traditional used cars and are only sold at dealerships handling that make. The warranties on Certified Pre-Owned Cars usually mimic the original factory warranties in terms of what’s covered, but for a shorter period of time and mileage.