B uying a used luxury car can be a smart way to get the ride you have always wanted without breaking the bank -- as long as you know what to look for.

Example: A 2006 Mercedes-Benz S-Class sedan currently sells for about $85,000. A four-year-old version of essentially the same vehicle has an average retail value of $50,000.

Today’s luxury cars are extremely durable, so 50,000 miles on the odometer is no big deal. With gentle treatment and regular maintenance, a late-model luxury car can run well beyond 100,000 miles, largely trouble-free. In addition, many of the most desirable premium models have classic looks that change little over the years. Example: Jaguar XJ Series or Range Rover. A five- or even 10-year-old model still looks very much like a brand-new one.

WHAT TO WATCH OUT FOR

Used luxury vehicles can be very expensive to maintain, particularly if they haven’t been scrupulously serviced according to the manufacturer’s recommendations. Example: Brake work on a high-end Mercedes-Benz can easily exceed $1,000.

Important: Have any used vehicle thoroughly evaluated -- all systems checked -- ideally by a technician at a new-car dealership for that particular make. Expect to spend between $100 and $200 for this evaluation.

Be wary of any used luxury car that doesn’t have a complete record of service work -- everything from oil and filter changes to other scheduled maintenance and repairs. If there are gaps in the record or it doesn’t appear that a recommended or scheduled service was performed, ask for a price reduction equivalent to the cost of the service or pass on the deal.

WHERE TO LOOK

Start by checking Edmunds.com, Autosite.com and the National Automobile Dealer Association’s used-car value guides (Nada.com) to get a sense of the retail/wholesale prices for any car that you’re interested in.

Most major automakers have certified preowned (CPO) vehicle programs. CPO vehicles often just off their original leases or were traded in with relatively low mileage. Specific benefits include...

Manufacturer-backed extended warranty coverage, which tends to be much more comprehensive than dealer-backed coverage. Service records -- usually available from the time the vehicle was new. Vehicle inspection and service prior to resale. This cuts down on some expenses that often are involved in buying a used car, such as new brakes or tires.

Perhaps the best place to look for a properly maintained luxury car in good condition is in the classified ads of publications that cater to car club members devoted to the make/model you are interested in. Recent example: The BMW Car Club of America (864-250-0022, www.bmwcca.org) had several 2001 and 2002 models available for between $25,000 and $50,000.

To find other high-end car clubs, simply type the name of the car and the word “club” into a search engine, such as Google or Yahoo! You’ll be in touch with knowledgeable enthusiasts who can provide valuable assistance.

Other resources: Publications that focus on specific makes can be found in major bookstores. Hemmings Motor News is a great general resource, available on-line (www.hemmings.com) and in print at major bookstores.

CLASSIEST USED CARS

Some of my favorite used luxury cars...

1993 Cadillac Allante. This beautiful convertible initially was plagued by an underpowered and problem-prone 4.1- and 4.5-liter V-8, but the engine was replaced in the final year of production by GM’s superb 4.6-liter, 295-hp all- aluminum Northstar V-8. The ’93s are the most desirable of the entire 1986-1993 production run. You can get a very nice Allante for less than $40,000.

Land Rover’s legendary Range Rover 4.6 HSE. It has been around in largely the same form for many years. A loaded pre-owned 1999 model can go for less than $20,000. A new one costs about $74,000.

Lexus LS 400 and LS 430. These exceptionally well-built, durable luxury sedans are some of the best used buys. A 2000 model can be found for between $21,000 and $26,000 -- a new LS sedan costs about $56,000.

1987-1991 Lincoln Mark VII LSC. This is America’s answer to the Mercedes-Benz SL. These large, sophisticated-looking coupes feature powerful five-liter V-8s... high-capacity disc brakes... and air-ride suspension. Well-maintained examples are available for less than $15,000.

Mercedes E-Class Turbo Diesel was one of the best midsize luxury sedans around. A 1999 E300 Turbo Diesel can be found for between $16,000 and $21,000. The base price of a new 2006 E-Class with a gas V-6 is about $49,000.