Heck yes you can spend way too much money restoring a tractor. Good example. The Farmall Cub you mentioned. Those things are all over the place. Actually worth more than an H or an M here. Popular with collectors because it's easy to store and trailer. If restored by a profession who has an outstanding reputation it might be, at the outside an 8K tractor. Might. If restored by some guy, that bought it to restore and collect, even with outside work being done like an engine rebuild or paint it's a 3-4K tractor. Now take something like a 1206 Farmall or one of IH's Gold demos and you can dump 10-15K in it and get your money back or even turn a profit. A gold demo, 1456 Farmall, restored by a guy with a very good reputation, sold at auction yesterday for 40K. A guy named Smith does Ford N series and gets about 8K for them from what I've been told. Average price for an N, restored is well under 5K. Doing everything except the machine work I rebuilt an N engine. Also put on a new water pump plus did the clutch while it was apart. My cost was right at 1200 before I add EI and a 12 volt conversion. Now if I were to restore the tractor I'd have to look at several hundred dollars in paint (would to the painting myself) new rubber at over 1K all round, rebuild the hydraulic pump and lift cylinder. Plus the 1700 I paid for the tractor when I bought it. So 1700+1200+250(EI and 12 volt)+50(rewire)+1100(tires)+300(paint materials)=4500. For a tractor that might bring 3500-4K if I were lucky and wait for a buyer.
So I doubt that anyone not associated with that tractor will pay anywhere near 10K. A family member who wants to keep it in the family might go that high.
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