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system
is it common for a new car of about $16k to be worth only $4-6k after three years?
user
it's possible the $16,000 was for more than the car.  perhaps extras were added on at purchase time; or perhaps they were folded into the retail price of the car.  here's an example.  2014: i'm ready to buy. my 3-year-old trade-in originally cost $15,000, and i financed it for 6 years and still owe $6500.  it has lots of miles and excess wear, so fair blue-book is $4500. i'm "upside down" by $2000, meaning i'd have to pay $2000 cash just to walk away from the car.  i'll never have that, because i'm not a saver.  so how can we get you in a new car today?  dealer says "if you pay the full $15,000 retail price plus $1000 of worthless dealer add-ons like wax undercoat (instead of the common discounted $14,000 price), i'll eat your $2000 loss on the trade."  all gets folded into my new car financing.  it's magic! (actually it's called rollover.)  2017: i'm getting itchy to trade up, and doggone it, i'm upside down on this car.  why does this keep happening to me?  in this case, it's rollover and other add-ons, combined with too-long car loans (6 year), combined with excessive mileage and wear on the vehicle.
assistant