There Are Pandas, and Then There Are Pandas.
And this isn't either of them! The Pandas we're talking about here, are watches, not bears. And what got me thinking about them (again) was a link posted this morning by @cm.rook who pointed a few of us to the very attractive (and not terribly priced) Yema "Rallygraph" Panda which, in it's most traditional arrangement, looks like the one on the left, but can also be had in the version on the right: The model on the left is a true Panda, while the model on the right is called a reverse Panda. The reason for that distinction is clear--Panda bears, only come in the first arrangement. Now at this point, everyone should be thinking about the most well-know Panda, The Rolex Panda, which is actually a Daytona, and among Rolex Daytonas, the most famous of which is the Paul Newman Daytona, which was famous first, because it was Paul's, and second because it sold at auction for $17.8 million (US Dollars). The story of that auction is well-known so I'll only...
Nov 8, 2019
Camera bodies, on the other hand, are refreshed, redesigned, and replaced much much more frequently. And as a result, camera bodies depreciate in value much more rapidly compare to lenses. In fact, once new camera announcements starting to make rounds for Photokina 2016 next month, we'll start to see a wave of downward pricing adjustments for second hand camera bodies.
And this is the reason why lens tend hold its value very well. If you are diligent and careful with how you buy and sell your lens, it's not impossible to not lose any money at all through this process. In which case, you basically get to use the lens for free.
This is why I am always in the state of pruning my lens line up. Whereas I definitely try to squeeze more mileage out of my camera bodies wherever I can.
Having said that, I am sure there'll be different amount of value you'll be able to derive from camera bodies vs. lenses. And that's a question only you know the answer to. But at least from the cost of ownership perspective, it's decidedly a much easier and more objective question to answer.