I have a 240U with an IH Wagner 120 loader. I would be sure the steering is good and tight. Mine needed the gears and steering arm replaced when I bought it... found a good used one in MO. The gear and shaft are one piece on these and if the arm works loose on the shaft the whole thing needs replaced. I didn't have the means to do it, but my mechanic said it wasn't a bad job and took 3 hours. I wouldn't want one with a loader and without power steering. Mine has an aftermarket steering torque motor on it, might be a Char-Lynn, and a priority flow divider off the pump and a front mounted pump for the loader. It looks like at one time the loader worked off the main pump and the internal valves, but with PS, it would have been really slow. Mine has the factory 3 point adapter which makes it easier to find implements. Other than the steering, and for a tractor as late as '58 it should have had independent power takeoff, I don't know of any real weaknesses. The engine/drivetrain is basically a "grown up" C/Super C/200/230, so it's a proven design. This one has good tires, fairly new paint, nice replacement seat... everything except the two side panels for the hood and it needs a new tach cable... Paid $2750 for it a little less than a year ago. Also has been converted to 12V except the lights... need to get some 12v. sealed beams for the lights now mounted on the loader frame.
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