Also, with no second hand market publishers will feel less inclined to adjust their game prices shortly after release. So the wait for a good deal will be much longer.
The only way this is accurate is if the game is selling in spite of it's sale price, and that's true WITH an used game market. GameStop has no problem gouging you for 50$ on an used copy of CoD because both the new and used sell in spite of that tag.
A game that isn't moving at $50 will see a reduction in price. If not in store, then in digital distribution.