Since you traded the vehicle in, you need to list the sales price as the adjusted basis of the old Highlander. The new Highlander's value will be the basis of the old Highlander plus the additional cash paid (or loan amount) to purchase it.
So, since you are using the standard mileage deduction you need to use this chart to determine the depreciation you are reporting and subtract that from the business portion of the purchase price. If you are claiming 3000 miles the depreciation from the chart is $780. So your business basis in December in the old Highlander is $13, 527 and this is the amount you should use for the sales price of it.
The new Highlander's business portion of the basis will be $13, 527 + $4,710 (the amount over the trade-in you paid).
@drmani
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