I'm curious about any sub $40K 08 H2's--how many miles are we talking about? Over 50K?
I paid $38K for my 07 H2 w/23K miles back in April, and at the time it was the hands down best price for a nearly loaded 07.
Are the sub-$40K 08's base models or do they have any gadgets--i.e. third row seat, air susp, brush guard, additional chrome, DVD's, chrome wheels, roof racks; that's what mine came with.
As for valuation--I just test drove an awesome 07 Special Edition with 56K miles on it listed at $31,500, which in my opinion is outstanding for everything you get--and the truck is damn near flawless--I'd actually consider trading mine to get the Spec Ed upgrades if this one would have had air suspension!
I don't think these things are losing value like people seem to think they are--but I don't see them gaining any either just because they are now rare.
From what I've seen, looks like they're holding a good to better than average resale for a used vehicle. Any 08's I've looked at generally tend to come in at $44 to $46 for lower mileage clean used ones that are not completely base. As for an 09 for $44--no way unless it's got a damage title of some kind!