Except, as is often stated, a CVO MSRP includes all of the included bling, so that has to count for something when comparing to the MSRP of a similarly blinged-out base bike. The rate of depreciation may be the same, but it seems to me that the CVO would be a better long term value.
Perhaps I did not make myself clear...The rate of depreciation would be approximately the same. So a bike that sells for 35K because it's a CVO depreciates 10% per year. The next year (depending on mileage, etc) the bike would be worth $31,500, which from my experience is more or less the case. If you bought a "regular" Ultra for $26,000, it would also depreciate 10%, making it worth $23,400. That's just a wild assed guess, but probably not too far off the mark. Either way, you've "lost" 10% of what you paid. Of course the CVO is going to bring more $$$, 'cause it cost more $$$ to begin with. Of course, depending on the bike, like maybe the two years they did CVO Street Glides...they might possibly bring a bit more just because it's a popular bike and the demand might be out there at any given point in time. But I wouldn't count on it...it definitely is not, in any shape/form, an "investment". It will depreciate, regardless.
Buying a "regular" HD of ANY model and putting the same "stuff" on it that comes on the same model CVO is an unwise decision, IMO. The book value is still going to be for a "regular" HD of it's model. You MIGHT get 10 cents on the dollar for the added "stuff" to make it equal to a CVO, but only if you find the right buyer who just happens to like what you've done. The VIN number tells the tale...it's either a CVO or it's not. Taking any bike and "customizing" it with paint, bling, engine work...whatever...is likely to be a losing proposition, as the NADA value is based on the original model/VIN. If you found a buyer who happens to like what you've done and can write you a check, then you might get part of your money back, but if the buyer has to get financing, the amount eligible for financing would be based on the book value.