Brian: I bought a 504 gasser with some farmland back in the 70s It had 1,500 hours on it at the time, and when I made the purchase it was at the IH dealer having an engine rebuild. The vendor had bought the 504 new in 67, have traded off a 300 and had never been happy with 504 power. Bear in mind these were Farmalls, however the only thing different from utilities is block casting where it bolts to front end. That is why I said go Utility for a replacement engine.
When the 504 came home the vendor wanted to operate it couple of days just to satisfy himself IH dealer may have improved it. He operated it on a 9' haybine 3 days, and advised me not to keep it any longer than necessary. He knew I was thinking of keeping 504 and trading my well worn 300 on a new 1066. He said, "Don't make the same mistake I did, letting a 300 go in favour of a 504. The dealer gave me $3,000. more on trade in for 504 than he would have 300, to him 3 point hitch was a big plus.
To satisfy myself I took both tractors one day along with a 3x16 trailer plow. To my surprise the 35 hp 300 was marginally better than 45 hp 504. Both tractors would have been close to same weight, both with chloride and one set of wheel weights.
The 504 is a nice tractor, improved in just about every way over the 300, doesn't matter whether you choose Farmall or Utility. That C-153 engine just never measured up, plus it was not sleeved. I can't think of much better in that hp class than having a 504 with a C-169 or a C-175, unless you find a D-188 reasonable. That diesel is iron clad. Just remember if your changing engines go Farmall to Farmall or Utility to Utility.
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