Unless your neighbor has already done everything to his 1456, you can assume that it might just be coming along shortly... I've found with tractors and vehicles (in my experience) it has been cheaper to fix my own problems than to purchase someone else's.
Example: wife's car needed a transmission soon, we sold it and bought a use Exploder, put about $1500 worth of tires, upgrades, repairs, etc. into it because it was like-new inside and out. We put about 10k miles on it and the transmission went out. Back to square one and we cut our losses at that point.
Personally, I'd fix up the 806 as that is probably the most reliable, long-lived tractor IH ever built.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
... [Read Article]
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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