A fellow logger UP here bought a piece of logging equipment $$$$$$ (Makes your skid steer seem very cheap) that had been underwater/mud for a few hours. He got it dirt cheap and his intentions were to fix it up and use it. Like your machine all the wiring is "sealed" and the computers are "sealed" and the hydraulics are "sealed" because after all its made for use in harsh environments. What they really mean by sealed is they are sealed against splashing and dust and such not really sealed in the sense of scuba diving. Notice the computers and such aren't mounted out in the elements.
Anyways after getting into this machine and finding that the hydraulic pumps (one cost more than your skid steer was new) had started to surface rust inside and "sealed" electronics had started to corrode he decided to can the project because all those "new" parts that would fix all the problems would have cost more than a comparable running driving machine would have.
If you've budgeted for a new motor, all new electronics, and hydraulic components and it still works out to be a good deal then go for it, then if any of those parts are salvageable then your even more money ahead. If you haven't budgeted for those parts and you get halfway into it and find more wrong then your stuck spending more money than its worth to fix it or eat the labor and parts you've already put into it.
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Today's Featured Article - Seeing an Old Friend - by Joe Evans. Dad had a concrete contracting business starting in 1960. One of his first pieces of equipment was a Ferguson TO-35 with a Davis loader. Dad replaced the TO-35 with a MF 202 Workbull, essentially an industrialized Ferguson 35 I am told. Dad bought the 202 new in 1962, and I recall quite clearly going to the dealer with him to sign for it.
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