Your '04 GT is not yet listed in NADA guides for used cars. That means it will sell for almost what you paid for it at retail. You can discount 15% from the new value to arrive at the wholesale value. Selling your car is a major hurdle because you likely want most of your investment back. You'll have to find a buyer who is willing to pay a near new price for your used car. This is not impossible but its difficult since you're in competition with every Ford dealer having '04's still on their lot. Chances are they can discount their '04 below what you're willing to realize from your GT.
This is the normal state of affairs for 1 year old used cars. They are hard to peddle as a private individual unless the car is rare. Unfortunately for you, yours is not rare. The best time to trade is likely several years away.
Okay, you bought the wrong car and it doesn't meet your expectations. Everyone errs now and then (more often than not is usual). There is ALWAYS a ride you want more than the one you have! Its only human to think the grass is greener on the other side of the fence!
The reality is you should want to keep the GT you have and enjoy it by not thinking about its minor flaws and concentrate on how envious other folks are when they see you in your GT (not everyone can afford a GT). About 1/2 of Mustangs sold are V6's and you're definately upscale from that level. Drive it for at least three years or 75,000 mile whichever comes first. In this way you will eke your investment out of it in terms of transportation miles you get from the car.
I can afford any Mustang sold at the current time (no brag, just fact). I have a 2001 GT that's absolutely spotless, has 260hp, and custom paint. It gets a lot of looks and trophies at supermarket parking lot shows. It sits in the garage mostly because its my hobby car. My daily driver is a Honda Accord (better economy and I don't care if it gets door dings or if it ever gets washed...I just drive the crap out of it). Both cars are great cars and each has their place in my stable.
The fact is a '04 is not different so whats the use of me buying an '04? An '04 is going to get no more respect than my '01. Yes, one day I will sell the '01 and replace it with a new Mustang. I not jumping on the '05 bandwagon because the prices will be lower a year from now when the newness wears off. Its foolish to throw money down the rathole for something you want instead of something you need.
Time will come when its right to dump your '04 but in my opinion, that's not for several years. When you next get into good car buying position then buy what you dreamed of (even if it costs you). I'd tell you your situation is you'll be best served by keeping your '04 and waiting til late '07 or after.
Good luck with whatever you decide to do.
Jeff
I know I can have my 04 paid of in the next five months or so if I am smart. and yes I did make a fair down payment. But this is not the point.
