This may be closed as opinionated but I'm looking for answers with hard data if I can get them. The Cessna 172 and Piper Cherokee are touted as two of the most successful light aircraft designs in the world, and they are primary competitors, with Piper originally designing the PA-28 Cherokee to be a lower-cost version of the Comanche that would compete directly with the 172 of the day.
However, in today's new market, a 2015 Cessna costs about \$370k, while Piper Archers (the continuation of the PA-28 airframe after Piper's corporate restructure) made in the last 10 years or so are selling for about \$200k. Cessna also seems to hold more value; "classic" 172 airframes from the 70s and 80s hold about a \$100k value in classified ads, while flight-ready Cherokees from the same time can be had for \$30-40k and a few Cherokee airframes are being offered at prices I've only ever seen 150s sold for (though there's likely something wrong with those examples).
The aircraft, while different externally (the 172's overhead-wing versus the Cherokee's low-wing design is the biggest difference), seem to have many similar specs on paper; passenger count, horsepower variants (Piper's actually better here as the 180hp variant was most common compared to the standard 172 powerplant at 160hp), instrument capabilities, etc. Cockpit pictures indicate the interiors are comparable; a bit dated as you'd expect from aircraft made 30 years ago, but perfectly serviceable.
So the question is, where's the additional retained "street value" of the 172 coming from? Is the 172 more well-reputed for safety or reliability? Are its handling characteristics considered better for everyday flight (perhaps due to the parasol wing)? Is this a question of average age of airframes? Is it just the Cessna name (in other words, am I comparing a Toyota Camry to a BMW 5-series)?
Obviously some of this stuff will depend on a comparison of specific hulls, but there's a definite trend; the market in general seems to value the 172 more highly than the PA-28 with all other things being equal on paper. The question is why.