I remember watching this movie when I was a kid and not really understanding all the jokes. The movie just basically makes fun of a few different movies prior to it's release namely Star Wars series. The actors are so good at acting like bad actors it's what makes the movie so fun. Every scene they're is always something ridiculous and fun. Most of all it's something that you can watch with the kids and they won't get even half the jokes / banter. But it would be a good time for the adults at the same time.
If you liked movies like: -Airplane -Blazing Saddles -Any sort of spoof movie
Then you will love Spaceballs. Had to own it on BluRay as this is definitely one of the most important part of my collection and hopefully yours. You'll love it, and the price.
I sound like a commercial at the end there eh? lol