Yes, you could buy it for scrap price, put a ton of work in it, buy thousands of dollars in parts and machine work and end up with a very nice tractor for about twice what you could buy one for. This sounds like a parts machine to me, worth the price of scrap. Wheels have value, maybe a few other parts could be salvaged and sold. Model D transmissions seem to be pretty much bullet-proof, and the rest of the tractor is also, so the parts market may not be too good. Enough gaskets to do a ring and valve job will be over $300, if you can find them, for example. Having said all this, I did just what you are talking about in 1989. I know what I'm talking about as far as cost to bring one back from this condition, and I don't want to discourage you at all. My D is still one of my favorite tractors to use, nothing sounds like an old D on a hard pull.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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