If you are actually farming and making money with said tractor then you should be running a spreadsheet and keeping track of how much each piece of equipment is costing you per year. And yes that should include payments if any. It should also include labor EVEN IF YOU FIX IT YOURSELF at the going rate in your area. Then you, and only you can decide if that old piece of equipment is cost effective or not. Farming is a business, not a way of life.
For the hobbyist it's up in the air? Is your hobby the home place/hobby farm? Or is it old tractors? In either case if the equipment no loner does a job WHEN IT NEEDS DONE then maybe it's time to update. I myself am looking to update my 8N. It runs good and it runs when I need it too. Been updated to electronic ignition and 12 volt. But it's getting harder physically to maintain them due to service connected disabilities. So it's time to look at something a little newer that will be easier to maintain. A tad more HP wouldn't hurt my feelings either.
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Today's Featured Article - Product Review: Black Tire Paint - by Staff. I have been fortunate in that two of my tractors have had rear tires that were in great shape when I bought the tractor. My model "H" even had the old style fronts with plenty of tread. My "L" fronts were mismatched Sears Guardsman snow tires, which I promptly tossed. Well, although these tires were in good shape as far as tread was concerned, they looked real sad. All were flat, but new tubes fixed that. In addition to years and years of scuffing and fading, they had paint splattered on
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