While Apple Watch models were selling for a premium on eBay and elsewhere for quite a while after launch, now that the device is in Apple stores and stock of most models almost caught up to demand, trade-in services have officially started accepting the device. One of the first bigger companies to announce support for Apple Watch is NextWorth, which as of today will buy your Apple Watch, but without the eBay premiums. The company is capping Apple Watch trade-in payouts at $500, and you’ll be getting much less than that for the cheaper models that start at around $350 from Apple.

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A quick look at NextWorth’s site shows a 42mm Apple Watch Sport will get you at most $186. That’s if it’s in good condition and working properly. Compare that to Apple’s $399 price tag, putting NextWorth’s price around 50% of what you paid just weeks after launch. You’ll get similar results for other models, too. The 42mm steel Milanese Loop model will get you $343 in good condition, for example, again around 50% of Apple’s $700 (+ tax) retail price. But $500 is the most you’ll get, even for the pricier black stainless steel model that sells for as much as $1100 from Apple. Nextworth isn’t accepting Apple Watch Edition models that sell from Apple starting at $10,000.

One of NextWorth’s biggest competitors, mobile device trade-in service Gazelle, previously announced that it would begin accepting Apple Watch trade-ins soon. A big question at the time was how well Apple Watch would retain resale value. Gazelle noted that the first 16GB iPad, for comparison’s sake, retained around 44% of its retail price after the first year and 30% after two years.

We’ll have to wait and see what the Apple Watch market looks like after a year, and whether or not the device, as Apple’s first true fashion product, has a lifespan comparable to its iOS devices. NextWorth’s prices, coming in around 50% of the retail price, are certainly not a good sign.

You can head over to NextWorth to trade-in your Apple Watch now.

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