Well, realistically looking at a piece of equipment that old, don't expect to buy it and start farming happily ever after! LOL
There will be problems. Anything that can rot, deteriorate with age and sun, shrink, crumble, rust away, or leak... That hasn't already been replaced, will soon need to be. It's pretty much a given that there will be wiring issues, rust in the gas tank, and the radiator will need attention or replacing. Again, all depending on what has been replaced or repaired, and how well it was repaired.
That it is running is a big plus. Anything not running is worth no more than scrap unless it is a rare collectors item.
First to look for are "deal killers". Things like freeze cracked engine block or trans/differential case. Any broken castings, regardless how it happened or how well repaired are red flags.
Tires are a big expense. If it has good rear tires is a selling point. But still don't expect too much from them. If they are old, chances are they will soon fail when put to use.
Once you do make the purchase, do some long term evaluation. Do just enough to get it running without doing further damage. Put it through the paces. Try to run some attachments that you intend to use, make note of any and all problems.
Chances are you will be making some repairs, some will require major disassembly. Best to go in and do everything in one operation instead of having to back track.
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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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