That could be, but I imagine the following two scenarios:
Tesla dominates the CPO market, and has two used cars to sell. They are both identical. Meanwhile, they have two buyers who want a Tesla and are willing to pay $50K each. Tesla sets the price of both cars at $50K, and both sell.
Now Tesla has two used cars to sell, but one has more features than the other. Otherwise, they are both identical, as above. They have the same two buyers who are willing to spend up to $50K on their coveted Tesla status symbol.
How do you price those cars? You can't price them both identically, because then only one will sell: nobody is going to pay the same price for an inferior car when viewed side-by-side. So the inferior car must sell at an inferior price. The superior car won't sell at more than $50K, so the inferior car must sell for less: $47K.
The second buyer would accept nothing less than a discount on the inferior car; otherwise they'd just wait around for the next superior model to come up, and buy that for the same $50K, getting a much better deal.
So here you have an example where resale value has nothing to do with the objective utility of a car in isolation, but everything to do with the relative ranking of two cars when compared side by side, forcing the price lower from the top of the market down. Any car which has moved down in rank has lost $3K in resale value; poof.