Depreciation seems to be very low

Seems like the depreciation on Ranger Raptors are very low. I am seeing 2024s and 2025s with 40k-60k miles on them still being listed in the low 50s. So that makes trade in value probably in the mid to upper $40s after 2 years of ownership and that many miles.

Do you think this will hold? Do you think the value will hold even if they release a full refresh Gen 2 RR in 2028-2029? Why do you think these are retaining value so well? Are you seeing this in your area as well?