The reason surround receivers do not hold their value is that they keep coming out with new and better features. For example, if you want HDMI connectivity, the unit must be fairly recent. And if you want the new surround formats that are on things like HD-DVD and Blu-Ray, again, you will need a fairly new model.
In the past, improvements and additions included things like automatic setup (setting speaker levels and delays automatically, and some do more than just that now), adding 6.1 decoders, adding component video, converting between different kinds of video, and various DSP (Digital Signal Processing) modes that people wanted.
My advice is to figure out, as exactly as possible, what you need or want the thing to do, and buy accordingly. If what you need is all on an older model, you can get a really good unit at a very low price. Of course, its resale value will be next to nothing, but since you will be paying so little for it, that should not matter at all. But you may find that you want some capability that older units do not have, and then you will pay more for the receiver you select.
If you want advice on what features to look for, you will want to tell us what you are planning on doing with it. At this point, I would not even consider a receiver that did not have at least automatic setup (of speaker levels and delays), and an audio delay to sync up the audio with the video. I recommend looking for those features no matter what else you require.
In my particular case, I also want HDMI and the ability to deal with recent surround formats (one way or another), and so I require something fairly new (which I have).
My old receiver is being given to a family member, as selling it would not, as you have observed, bring in much money, and my old unit is in like new condition, with all accessories and so forth. Anyway, giving old equipment to a poor friend or relative is a great way to get rid of good used equipment. They upgrade from what they had, and you upgrade from what you had. And the cost to you to be generous is very little, and it saves you the time and trouble of reselling it.