Probably because high time airframes offer an even better value in many
instances. Also there's lots of high time airframes out there which are
very well equipped because those who were in them spent a lot of time
and they could justify costly improvements.

Here's two aircraft simularly equipped:

This one is listed for $39K
http://www.aso.com/i.aso3/aircraft_v...raft_id=114817

This one is listed for $89K
http://www.aso.com/i.aso3/aircraft_v...raft_id=115832

Both aircraft are the same age, carry the same weight, and go the same
speed. One is $50K cheaper than the other. The 2nd one might be in a
little better shape cosmetically and perhaps even functionally, but not
$50K worth. If I were in the market for such a plane, I would be more
inclined to buy #1 and that's even knowing it almost certainly spent a
good part of it's life as a trainer (notice the wear on the rightside
yoke).

My observations:
The second airplane had VERY low hours (1060) AND a zero time engine
overhaul AND a prop overhaul AND a 496 in the panel AND new glass, mags,
brakes, oil/fuel lines, tires, tubes, bat, vac lines, harnesses, AND
overhauled primary instruments AND new carpets/glareshield AND repainted
plastics AND a fresh strip/paint job. We have no idea what the low buck,
high time bird has because the listing only shows the plane's generic
specs for that year. Usually a dead giveaway that the plane's actual
equipment list has some skeletons (run out engine, damage history,
"suspicious" logbooks, inop equipment, etc.). All the pics for the low
buck plane are taken just far enough away and in low light that it
could actually look like anything in real life (great to terrible). The
pics on the higher priced plane are in the full light of day and appear
to show a plane in top shape (well they BOTH had Cessna radios...).

If the low dollar bird is typical (for 11k hours) these two planes can
easily be $50k (or more) apart. Hard to say specifically without a
better listing for the high timer and a personal inspection.

Good Luck,
Mike