In popular opinion, YES Ed, I can see why it is. But I tend not to get wrapped up in that most of the time.
I collect mostly 1970-2000 modern Lionel and postwar Lionel, with a few more current MTH and Lionel products that have much more sophisticated gadgets inside. While they certainly do retain a higher price in comparison, they too almost always depreciate with every passing second. One MTH Premier Mikado with Proto2 from 2007 I got was only $475 - way below it's $900 price tag!
Sometimes you have to look at the opposite end of the spectrum, too - those engines with more intricate features are going to be more of a nightmare, at least price wise, when something goes wrong with them.
I have the Lionel LTI-era scale 700E Hudson, and has had no electronic problems whatsoever, and is still running perfectly the same way it was 25 years ago. Compared to the Vision Hudson, which has has 2 unique electronic problems in the past 4 years I've owned it, and both repairs were worth as much as a RailKing steamer! For me, reliability comes long before sophistication.
Not only that, but those items that do get depreciated by newer versions make them easy bargain buys for those who just want the engine. It also makes them fun to tinker with. I have a few MPC era Lionel steamers I've planned to upgrade with better parts and extra detailing. They're much more fun for me than the new, scale Legacy versions, like the Alton and Blue Comet.
As for the newer equipment, I give it at least a few months before its value starts going downhill, because everyone knows something better will come soon to push the once new stuff out of the spotlight. I mean, the Legacy GS-4 is even going down in value with the new GS-2 models Lionel recently rolled out! The toy train hobby in the last 20 years has become much more like the rest of the electronic world than ever, comparing to things like Playstations and HDTV's.
