If you buy a pre-played for £15 use it for 4 months and then sell it for £6 then it has only cost you £2 per month. That is less than renting and hassle-free.
With downloaded copy software you could continue to play it without a CD.
The specialist game retailers (e.g. GMG) would buy the game for £6 and re-sell it again for £12.
Everyone is happy - almost.
The publishers are most likely to suffer lost sales due to the recycling of games. But I believe they bring this situation on themselves by allowing the superstores to sell their new games on wafer thin margins thus forcing the specialist retailers to make a better living out of the pre-played market. The superstores do not need nor care about the games industry and the publishers need to understand that difference.