The mental model of buying something new/used doesn’t apply same as cars. Unlike a car, the structure is simply an improvement that’s factored into the price of

The mental model of buying something new/used doesn’t apply same as cars. Unlike a car, the structure is simply an improvement that’s factored into the price of what you’re purchasing — the rights to the physical space itself. Sometimes a lot of the “value” is locked up in the structure, and sometimes the structure is barely functional and most of the value is in the land. At some point that ratio of the land:improvements values reaches a point where the “used” structure is relatively worthless and gets replaced, the ratio rebalances.