Tips on Buying Cars: Trade In, v6 mustang, mustang gt

Question
Hi. I want to purchase a 2006 Mustang GT listed at $20,599 with 19,188 miles on it but I'm not sure if it is too soon to do so. Right now I have a 2006 V6 Mustang with 18,965 miles and I owe $11,864. Its in great condition with no problems whatsoever. I just want more HP! I've had it for 6 months with no missed payments and my credit score is just shy of 700. What should I plan to get for trade in? Also if it is too soon to look at a trade-in when is the ideal time to do so?

Answer
Lon,

Thanks for your question.  It sounds to me like you are just fine with trading your current vehicle, and purchasing the new vehicle.  I would expect a little negative equity, but nothing more than you can handle.  I am not sure where you are located, but I would imagine that your vehicle is worth somewhere between 9000 and 10000, maybe a little more.

I hope this helps, and enjoy that new GT.

Thanks - Jeremy