Well your Dad's "M" is not worth $3500. It takes a one with real good tires and good sheet metal to break $1500 these days. Many don't break a Grand. So he is not going to get his price anytime soon.
Like the others have stated go talk to him first. Tell him you really want to buy his "M" but just don't have the extra money right now. See if he will put a more reasonable price on it. Then GET the money gathered up. The amount should not be that hard to come up with these days. Even if you have to take out a short term loan to get it.
As far as how your siblings will look at it. Well I have found that the siblings are usually driven by the "out laws"/spouses. They do not have nay skin in the game and make unreasonable demands. So if you get it bought have a clear bill of sale witnessed by some non family members. Even then be ready for trouble. People fight like dogs over every little nickle.
I have got two Aunts that I have not talked to for over 30 years because of the way they acted when my Grand Father died. They came in like Hyenas wanting the clear blue sky and lotto money. They did not get a dime. Grand Dad had told them when he gave them money for their houses that was their inheritance. It took a three year court fight to get the point across.
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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