Are Apple-Refurbished Trade-ins valued less than trade-ins that were not purchased as refurbs?

Just wondering if Apple reduces the trade-in value of Macbooks more if you bought them from the refurb Mac store, versus ones you bought new? Couldn’t find a clear answer on this.

I.e would the same macbook with the same specs get the same trade-in value whether or not you bought it new or as a refurb from Apple?