2014 has been a mediocre year for Class 3-4 cabovers, with volume down from last year. At the same time, the average price of our 4-7 year-old benchmark group in 2014 to date is running ahead of same-period 2013, at $14,551 vs. $13,710, respectively. Average mileage is higher in the current period, at 116,520 vs. 104,554. Higher pricing for trucks with higher mileage suggests strength, but the continued lower volume is an opposing factor. 

We continue to view the market for pre-2012 trucks as saturated, with newer trucks performing more strongly simply due to limited supply. At the same time, conditions are mildly better than last year. See the graph below for detail.