Restore a tractor and add up all the receipts? Do some major overhaul like engine then add up the receipts, for tax time?? I just did and when I recover from the heart attack, I will probably be put in an asylum!!! Some of this applies to an Allis ca I did. Lets hear yours.
- Thread starter JOCCO
- Start date
fixerupper
Well-known Member
Yes, it’s all on the computer. Biggest money pit is the 98 Dodge Dually. Tied for first place is the F20. The Dually Is more useful though.
Billy Shafer
Well-known Member
Local guy just restored a 1964 Galaxie 500. Looks like it just left the show room.It went from a stripped down frame. To a complete rebuild. According to his son the price would give you. Two heart attacks and a stroke.
Traditional Farmer
Well-known Member
- Location
- Virginia
Not me which I never 'restore' anything is the sense of the word you describe.New shinny expensive paint jobs and perfect sheet metal don't do a thing for me.I buy to use and never pay
so called market value,the day I buy it if I can't see my way clear to be able to sell it for at least a 25% profit it stays where its at with very few exceptions.Engine overhauls and
major transmission work usually means a guaranteed money pit that will rarely pay back unless the tractor is kept and used for a very long time.
so called market value,the day I buy it if I can't see my way clear to be able to sell it for at least a 25% profit it stays where its at with very few exceptions.Engine overhauls and
major transmission work usually means a guaranteed money pit that will rarely pay back unless the tractor is kept and used for a very long time.
Bruce from Can.
Well-known Member
- Location
- Woodville, Ontario, Canada
The cost of restoring is what has driven me to start buying new. I only have tractors to do farm work, not to haul to shows, but I can still appreciate the work others put into their tractors.
I completely rebuilt the JD 4020 diesel that my Grand Father bought new. I do mean completely. Completely bare to the casting. All new bearing, seals, engine kit and etc. If any machined holes where egged shaped they got bored out and a bushing made so the hole was back to factory. Control rods either replaced or welded up and machined down to fit tight. I kept track of all the parts. I did the labor record keeping like you would a shop ticket. I had just under $22K in parts and 460 hours of labor. This was over the winter of 2004-5. So the parts would be higher today too. If you just paid yourself shop mechanic wages that would still be $20-25 and hour. So that easily could be another $7500-10,000 in cost.
I pondered the cost and such for some time. Then I decided to do a JD 4440 two years later the same way. My reasoning was that each of these where working tractors not show pieces. The actual paint job was just the factory paint with some hardener in it with me spraying it. So very far from perfect. How I looked at it then and now is both these tractors where just about the same as new. I had less than 50% of the cost of new in them. Neither one has any electronics or pollution equipment on them either. So in the case of these two I can/could argue that there is a good business reason to due the work and cost.
Doing the same thing on a collector or parade tractor really would rarely make good business sense. How I look at those deals is the person doing it is fulfilling his/her enjoyment of doing the work. So it is their hobby/interest. It would be no different than the people that buy high dollar fishing boats or motorcycles. Would be like people that take trips around the world too. It is all in how people chose to spend their time and money.
Then maybe an answer your indirectly asking on tax deducting the expenses. Well I do. I can not speak for others. Since I do have farm income I consider it a farm expense. If you do not have farm income I am not sure on how you would do it.
I pondered the cost and such for some time. Then I decided to do a JD 4440 two years later the same way. My reasoning was that each of these where working tractors not show pieces. The actual paint job was just the factory paint with some hardener in it with me spraying it. So very far from perfect. How I looked at it then and now is both these tractors where just about the same as new. I had less than 50% of the cost of new in them. Neither one has any electronics or pollution equipment on them either. So in the case of these two I can/could argue that there is a good business reason to due the work and cost.
Doing the same thing on a collector or parade tractor really would rarely make good business sense. How I look at those deals is the person doing it is fulfilling his/her enjoyment of doing the work. So it is their hobby/interest. It would be no different than the people that buy high dollar fishing boats or motorcycles. Would be like people that take trips around the world too. It is all in how people chose to spend their time and money.
Then maybe an answer your indirectly asking on tax deducting the expenses. Well I do. I can not speak for others. Since I do have farm income I consider it a farm expense. If you do not have farm income I am not sure on how you would do it.
I kept a book of receipts for my 720d. Always wanted to do that and finally remembered from the start with this tractor. Redid the head and fuel system. New gauges, new flywheel, n.o.s crankshaft, pto clutch, main clutch, exhaust pipe, battery box, wiring harness, camshaft. Good used tires. Lots of miscellaneous pieces and gaskets. I added it up once a few years ago and it was more than the tractor is worth for sure. Since then I've done a little more to it. Quit keeping receipts. Haha. It's still not restored by any means but is finally reliable and fully functional. Contemplating burning the book.
Bought a 2510 last Spring for me and my son. Not planning on keeping records other than progress pictures! But these are both hobby tractors. Fun and relaxing. So that's worth a lot.
My Grandfather farmed his whole life. He was really careful about keeping records and every farm expense was allocated to something on his computer. I remember he said he had added up what they spent on repairing their 15 year old truck and it averaged out to where they were spending as much as a payment on a new truck would be (this was the mid 90s). He said he may as well buy the new truck and have a warranty with it. And he did. That always stuck with me.
Bought a 2510 last Spring for me and my son. Not planning on keeping records other than progress pictures! But these are both hobby tractors. Fun and relaxing. So that's worth a lot.
My Grandfather farmed his whole life. He was really careful about keeping records and every farm expense was allocated to something on his computer. I remember he said he had added up what they spent on repairing their 15 year old truck and it averaged out to where they were spending as much as a payment on a new truck would be (this was the mid 90s). He said he may as well buy the new truck and have a warranty with it. And he did. That always stuck with me.
I am in the process of rebuilding a Oliver 1855 from the ground up.I have it completely apart but the front axle.
I got all the parts it needs priced out. Crank grind, valve job ,,bearings, seals gaskets ,crown and pinion ,differential gears, partial engine kit. injection pump kit, new injectors,etc.
Parts total so far runs around 4500 Cdn .
I don't count my labor cause I got dick all else to do during the winter other than feeding the animals twice a week.
The way I see it, I can't buy another near new tractor for $4-6000.
Most used tractors in that price range will need an overhaul as well. May as well fix the one I have and know it will last another 30 + years without leaving me stranded when I need it.
I got all the parts it needs priced out. Crank grind, valve job ,,bearings, seals gaskets ,crown and pinion ,differential gears, partial engine kit. injection pump kit, new injectors,etc.
Parts total so far runs around 4500 Cdn .
I don't count my labor cause I got dick all else to do during the winter other than feeding the animals twice a week.
The way I see it, I can't buy another near new tractor for $4-6000.
Most used tractors in that price range will need an overhaul as well. May as well fix the one I have and know it will last another 30 + years without leaving me stranded when I need it.
I am in the process of rebuilding a Oliver 1855 from the ground up.I have it completely apart but the front axle.
I got all the parts it needs priced out. Crank grind, valve job ,,bearings, seals gaskets ,crown and pinion ,differential gears, partial engine kit. injection pump kit, new injectors,etc.
Parts total so far runs around 4500 Cdn .
I don't count my labor cause I got dick all else to do during the winter other than feeding the animals twice a week.
The way I see it, I can't buy another near new tractor for $4-6000.
Most used tractors in that price range will need an overhaul as well. May as well fix the one I have and know it will last another 30 + years without leaving me stranded when I need it.
I got all the parts it needs priced out. Crank grind, valve job ,,bearings, seals gaskets ,crown and pinion ,differential gears, partial engine kit. injection pump kit, new injectors,etc.
Parts total so far runs around 4500 Cdn .
I don't count my labor cause I got dick all else to do during the winter other than feeding the animals twice a week.
The way I see it, I can't buy another near new tractor for $4-6000.
Most used tractors in that price range will need an overhaul as well. May as well fix the one I have and know it will last another 30 + years without leaving me stranded when I need it.
I put just shy of $1500 into mostly the engine for a Cub Cadet about 15 years ago. Parts and just outside machine shop labor. My time was free. Had some high performance garden tractor pulling parts in it, like a $250 clutch and driveshaft that I went back to a stock clutch about 2-3 years later.
Some day when I start on my Farmall Super H it will get expensive! Wish I had bought the parts 15-20 years ago when you could still get good US made engine parts.
Some day when I start on my Farmall Super H it will get expensive! Wish I had bought the parts 15-20 years ago when you could still get good US made engine parts.
Neil Grant
Member
Unlike a new car, they have residual value and if you look after them it increases. 25 years ago, my father in law was chiding me for putting my 540 Cockshutt in the garage and not my car. The car has likely came back a couple of times by now as something vsluaeable as Toyota gas pedal bracketry by know. The 540 is likely worth double or more what it was. Much better decision to treasure it than a car which really has almost zero residual value.
A complete high dollar/nothing spared restoration is still cheaper than a new tractor.If you are doing to resell,you're going to lose your butt.Big time. If you are doing to keep and use,possibly for the rest of your life.Cheap and well worth it.I did that to my SM 40 years ago. Still running,it will probably outlast me and haul me to my grave.And no,never put a pencil to it.Probably WAY more than it was worth. Then and now.But for me,that tractor is priceless.
Rodney51Cub
Member
- Location
- Southern Illinois
I am in the process of rebuilding a 1950 JD A. I do not have an exact figure and do not track my time. I have a lot more in it than it is worth but I like working on stuff and making it run. It is my hobby. A man has to have a hobby. Some hobbies are just more expensive than others.
Something close. I have been rebuilding my 4x8 tow behind trailer. Bought it from the neighbor for $350.oo like 13 or 14 years ago. I have most likely hit that figure and still need a few bucks more. Have the receipts and am afraid to add them up. Will post pictures when done.
One thing I learned years back that you have to restore a tractor for the love and satisfaction of doing it. Same way with vehicles unless you know a client tell you can sell to. I like to mess with the old tractors but do It because I like doing it. Don't do it for the money. Enjoy your tractor. Part of you is in it.
Mike(NEOhio)
Well-known Member
- Location
- Newbury, Ohio
Most of us probably don't want to know. I finished an engine rebuild on the E4 (Buda gas) and didn't even tally that up. Probably 3500 in it but spread over fifteen years it's not so bad but I never told the wife what it cost.
Have had couple local people come to me and ask if I?d fix a tractor up for them, maybe it was a brothers or such, and as much as would like to do it I avoid it especially when u ask them how much they want to spend on it and it usually comes out ?well I don?t want to spend a whole(?) lot but I want it done right and look nice? or how much is going to cost and it?s impossible to give a figure when u have no idea what?s all wrong with it and if u get into it and find it?s going to cost extra they want u to skimp here or there but if something happens to it down the road u are blamed!!! Just keep to doing my own, that?s bad enough!!!!
Crazy Horse
Well-known Member
Jeffcat .... does that read three hundred and fifty dollars as the original investment and you have hit that and more in all those years? You are living life on the edge Jeffcat .... ha !!!
Oh I have - and that's why I always tell people who are looking for an old tractor to save their money by buying the most expensive one they can find.
9 times out of 10... if not 9.9 times out of 10 - it's cheaper to buy one that somebody ELSE has dumped thousands into.
9 times out of 10... if not 9.9 times out of 10 - it's cheaper to buy one that somebody ELSE has dumped thousands into.
jon f mn
Well-known Member
I keep receipts for taxes and to keep track of over all expenses, but after putting 7k into at best a $3500.00 tractor that still don't run I decided I don't want to know. Lol. I look at it a lot like JD seller, I look at what I could buy for less and do the same and rarely could find something actually better for less.
We?ve restored a 44 2N and a MH 333 and both cost well over $6000 CDN each time they were finished. We also have my grandfathers Oliver 66 Row Crop,repaired and good working but not fully restored and likely never will be. There?s a beautiful Oliver 66 completely restored and new tires online locally and they?re only asking $3750 for it. I?d love to paint ours up but if I was smart I?d just enjoy my grandfathers tractor in the condition he used it in as it was always shedded and what it?d cost me to paint it I could buy the one identical to it already in parade condition.
Yup, that was what I payed him for it. He had made wooden racks for it and they were finally falling apart. I am just about done putting all new wood and racks on it. Just the sheet of exterior 1/2 inch plywood was 52.oo. The qt. Can of bright red oil base paint was $27.oo. I replaced all of the hardware with stainless. Thank goodness you can buy it by the pound at Fazzios in Glassboro. As I said, bet you the price of my trailer just doubled. It is looking absolutely beautiful and I am modeling it after an 18 hundreds farm wagon. Will post pictures in a few more days.
I rebuilt the engine in my MH Pony a few years ago. Did everything right. New any parts that were available. Had $900 in parts and machine shop labor. Didn?t count up my labor. That?s big money for a 62 cuin engine.
I don?t know if it had ever been apart before, maybe maybe not. If it lasts 50 years to the next time, it won?t be my problem.
That said, you can dump $20K in a modern tractor really fast, and that doesn?t even get you any new paint.
I don?t know if it had ever been apart before, maybe maybe not. If it lasts 50 years to the next time, it won?t be my problem.
That said, you can dump $20K in a modern tractor really fast, and that doesn?t even get you any new paint.
I restore because I like to take these rusty run down machines and get running and make look like new (better than new) it’s not about the money I spend but I do like to keep it in check. The allis chalmers c I did was my great great grandfathers tractor didn’t hold back any expense on that one the golden jubilee kept everything in check although the H farmall got to the point that I was to far in and way over budget to turn back so I just quit adding them up. But I do keep those receipts hid from the wife
flying belgian
Well-known Member
NEVER, EVER, EVER add up the receipts.
Never really added the receipts up. Did Grandpa's 300 several years ago, didn't really care what it cost. I can tell you every time I walk by it in my barn I smile and think of him, wonder what he thinks of it now. She's for sure prettier than when he farmed with her. Got a SMD I'm working on now. Now that's probably a super scary pile of receipts to add up. Oh well, won't worry about them either. I'm not doing it to make money, just for the enjoyment.
Tom OConnor
Member
It is only numbers on paper. If you want to ruin the enjoyment of owning your own airplane just start adding the cost of it. I learned years ago to not even keep any tabs on anything that you enjoy. The same thing can be said about a person's wife, good woman not cheap, cheap woman not good.
curtkeiser
Member
- Location
- Beresford, South Dakota
I prefer a straight older tractor that is not painted. Some of the new paints now are better than when the tractor was made and they did not look like that then.
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