You say that you do not need a big tractor then the question is what will the 504 do that the ole h that you already own will not satisfactorily do?
Sure the 504 has more hp but it has to rev to make it. The ole h likely has more torque although less hp.
The 504 will freewheel in low side torque like all Farmall's do older and smaller than a 706 which can be a bad thing if you have lots of hills. Other than that I have never really heard anything bad about the 504's other than they are not really quite as powerful as the hp ratings would lead you to believe they are. The 504 would have live hydraulics and live PTO which is a bonus over the h.
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