Tips on Buying Cars: best time to trade a car in, domestic cars, minivan

Question
I have  a 2002 tahoe with 58000 miles.  paid it off a few months ago.  I would like something else but don't want to lose a ton of money because I trade it to early.  How long do I keep it to get my "monies worth" out of it?  should I trade the truck now? or drive it a little longer? Do you think these big SUV will keep value in the future( If I buy a new one) or will everyone downsize and I'll be stuck with a monster?

Answer
Hey,
Many things to cover here so stay with me.  Why do you want something else? do you need something else? 58000 miles arent that many... you will always lose money ESPECIALLY if you trade it in.  Probably better off selling it if anything, and resale will be low and probably get lower if gas prices start to increase again (thus its all dependant on what happens with the economy, but resale will probably stay low if not go lower).  People are finally realizing they dont NEED that huge SUV.. they just wanted one instead of a minivan..  I'd keep it until ~70,000, thats when stuff usually starts breaking on domestic cars, sell it then... Take the money you would be using for payments on that new car, and save it while you keep the current one, by the time you sell the tahoe you should have a serious amount of money saved such that you could make a massive down payment on whatever you decide you want.  Its all a need vs. want thing... unless you really need to get a new car... you dont NEED a new car.. the amount you save by not making payments on a new car for another year or two will far outweigh the difference in trade in/sale value... If you choose to wait, or sell it now, its up to you.. dont always jump at the trade in offer's though, they usually dont give you near what the car is worth and then give you the same incentives they would give anyone with the cash (and just tell you its a special trade in deal).... Its a rip... as for getting your "monies worth" out of it... its up to you, I would save what I am not spending on payments and try to pay cash on a new car in a few years... its the most economical choice... it all depends on how bad you WANT a new vehicle... I hope this helps, Good luck!