For the first year since its launch, Tesla wouldn’t accept trade-ins of its Cybertruck. Some had speculated that the move was meant to conceal demand issues and outsized depreciation. Now that Tesla has begun accepting trade-ins, according to EV publication Electrek, that seems to be the case.

The EV company quoted an owner of its $100,000 Foundation Series Cybertruck, with just 6,000 miles on it, $65,400 for a trade in — a deprecation of -34.6% in just a year. For comparison, it typically takes pickup trucks three or four years to lose that much of their value.

Electrek added that such trade-in estimates are often higher than what vehicle owners actually get. The real depreciation is likely closer to 45%.