Why isn’t it treated similarly to a house?
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A big part of that is the wholesale vs. retail value. Let’s say a new car is $40k. So a used car, even one with 10mi. on it, would sell for less than new, otherwise one would just buy new. And the dealer needs to buy the car for enough less than they can sell it for to cover any repairs, cleaning, administrative costs, salesman’s commissions when they sell it. So even if the used could sell for $39k, the dealership would only buy on trade for, say, $35k.
Houses are different because you can’t build more land in specific places, but carmakers can always build more cars and sell them wherever there is demand.
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