Drive it for another year, then it'll be paid for. It's not going to depreciate much especially if you don't put many more miles on it.
That's some sound advice. Plus if you really like the Jeep GC, I would wait a bit for the new '05s to become more common on the roads. That will make the prices drop for the '99-'04 versions. Here are a few tips for when you go shopping...
1) Avoid used car dealers! A good number of people use trade-ins or auctions to unload junkers they'd be afraid to sell to anyone who'd return to their house with a brick! Guess where used dealers get most of their cars?? This advice includes the big-box used car stores that distract you with a childeren's play area and other BS. They tried to re-invent the car market here in Detroit, and failed within a year, because too many people know the business. I even amused myself once by stopping in their HUGE showroom and seeing how many cars I could spot with with fresh re-paints (all!) Lots of Rental cars get unloaded here, and I'm sure you've heard the phrase "Drive it like a rental!"
2) When calling a private party ad, ALWAYS say "Hi, I'm calling about the
vehicle you're selling." NEVER "I'm calling about the
1999 Grand Cherokee you're selling. If you force them to reply "Which vehicle?" then you know you're dealing with somebody who's flipping cars... Not always a bad thing as I used to do it myself, but let's you know to sharpen your radar that much more.
3) Learn how to spot collision repairs by looking at panel fit, tape lines from a re-paint, etc. Not always a danger sign, as most new cars need paint after a 5 MPH parking lot mishap, but it's a good place to find a bargaining chip.
4) Be suspicious of any seller who shows you a car with a warm engine. Lots of noises and trouble disappear when a car warms-up. Make sure you test fluids and such BEFORE anyone starts the engine (except fluid level in trans which must be tested when the car is running).
5) Long test-drives up to highway speeds
6) Remember that cheap new cars bring CHEAP resale value. How much is that $15,000 new car worth in two years? $7,000 if you're lucky. Most "real" cars won't lose 50% of value in two years.
7) Try you're best to avoid finacing a used car. The rates suck, and the only thing you should ever buy-on-time is a house. I know this might be unrealistic, but keep it in mind as a goal.
8) Don't pay money for image. No one will love you more if you drive a Buick rather than a Mercedes, and Buicks are more reliable! People like me will be more willing to let you merge anyways, and not be tempted to park really close to your image-mobile with their $1000 hoopite just to F-with you.
Of course this advice comes from somebody who enjoys scaring punk kids who "think" they just cut-off an old man driving a Chrysler New Yorker, when in fact it's a young man, with a bad attitude driving a Chrysler New Yorker with dark windows, lol. Your mileage may vary!