I had a black '02 Sport 4x4, drove it 1.5 years (36,000 miles) and paid $30,150. Loved the look, drive, hated the interior comfort(space&seats). The seats were a torture device.
I traded for a new black '03 Sport 4x4 V8, paid $31,000. Wow! Enough said about the V8/tranny, interior comfort rivals any large sedan and the seats/driving position are fantastic. The $31,000 paid for the '03 represented much more value, performance and comfort than the '02 priced at $30,150.
They are two completely different vehicles. It is hard for me to compare, as both represent the best and second best vehicles I have ever owned. (I have owned over 16 new vehicles in my driving career).
So, look at the decision as a long term investment. I preferred to cut my loss early and make up the benefits by driving a vehicle I was much more happy and comfortable being in. After everything was dotted and crossed, my payments were less (better interest rate), my comfort was up and any money that was spent on the depreciation of the '02 was chalked up as 'entertainment/activity money well spent'.