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Yeah it may be a good idea to drop down to an older version. The reason I am looking for a more high end receiver is because in my mind that is the heart of your system and that is the one place you wouldn't want to short change. Plus I also have a budget I'm trying to stick near, this is my first sound system ever. I am 2 years out of college and need a system to match my 46 inch 1080p LCD tv. Also going with the higher end system it leaves me room to expand and make speaker and component upgrades without needing a new receiver later on in life.
Receivers get replaced much more frequently than speakers. A couple of years ago receivers didn't even have HDMI. I spent $2000 on a top line receiver 5 years ago and sold it a few months ago for $350. The speakers (and sub) I spent about the same amount of money on ($2200) will last me another 10 years. Things change in audio every year. You're right that a receiver is the heart of your system, but a $500 receiver will plenty for you. Spend the extra on speakers/sub or a bigger display.
 

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Receiver replacement or any other piece of electronics depends on how much you spend on it. A $200 receiver is a disposable item just like most DVD players these days however spending $1500 on a receiver that will last is a whole different ball game the same goes for speakers. If you only spend $200 on a pair you'll find your self replacing them every so often because you will likely not be happy with them for long. Spending $2000 on 2 speakers and you'll find that you will keep them for a long time.
But not always. As I said, 4-5 years ago not many receivers had HDMI. Now, it's almost a necessity. Lots of great receivers from that time period have been replaced due to technology advancing (and yes, I realize you can still use them with analog). Speaker technology just doesn't advance that fast. That's also why $2000 speakers will hold their value over the years, but receivers won't. I could probably sell my $2200 speakers from 5 years ago for close to $1500. The $2000 receiver - $350. That says a lot.
 

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resale value has little to do with it. I never buy something expecting to get anything for resale down the road I just enjoy it now. Receivers made between 1995 and 2002 had very little changes in features to them, HDMI and BluRay changed everything I dont see any other big changes coming down the line for another 5 to 8 years in receiver features that would make me want to upgrade what I have. I still use my Yamaha receiver now as my two channel system from 1999 that used to be my main unit till I upgraded to the Onkyo 805. But yes my main speakers are still the same ones I bought back in 1992.
I realize resale value is but one aspect, but the point still remains (in general speakers are kept longer than receivers). I don't see any big changes in 5-8 years either (except maybe PLIIz, which not everyone has a use for), but that's about the typical life span of a receiver in a rack anyway. As you pointed out in your last sentence, speakers will be held onto a lot longer than 5-8 years.
 
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