Color per vertex per instanced mesh

With instanced meshes we can render multiple meshes with different colors where each mesh uses one color from the instanceColor attribute. Is it possible to use multiple colors for one instanced mesh? I have trouble understanding where it is defined that an instanced mesh can only have one color.

What I want to accomplish is to be able to set one color per vertex per instanced mesh.

Instanced rendering does not mean you can have different vertex data per instance. Vertex data are equal for all instances. But instead of having a single position, rotation and scale for the entire 3D object, you can have a transformation per instance. Color per instances was added additionally at a later point.