bbforks, just a thought or two on what is and maybe happening. The FMV lease program for new equipment (I think called rental in the European market) has gained real popularity over the last decade or two or three. Toyota started really pushing 3 year FMVs at monthly rates others could hardly ever touch about 25 years ago - see where the are now ( I called on many 1 truck users that bought into this and only acculated 300 hours in 3 years, these guys then bought the unit at the of 3 years at fair market value (the dealer/sales people loved it). Units sold on the FMV finance programs - make the manufactuer happy as more units shipped and end user new equipment replacement cycle is quicker (every 3 to 5 or 6 years vs 10 or more years for a cash or $1.00 conditional sales contract), distributor can increase profit margins on equipment sales and more if a full maintenace program is attached to the lease and sales people can gain increased commissions. Plus those folks driven by market size/share can see increased numbers by promoting units to end users via FMV leases. The off lease used units go into the more profitable second hand market where customers are buying partiallyworn out equipment expect to have repairs more frequently. Kinda' like hybrid autos - the first owner does not want to deal with cost of replacing those batteries on hybrid or Chevy Volts at $5K to $7K or more, so they trade it in & it is then sold into the pre-owned used market with an "as is' warranty or into the more expensive factory certified reconditioned market w/a 1 year limited warranty. Makes sense depending on what side of the fense you are on.