Numerous comments about the tractor, and that'll go on for a long time, but I'm concerned about the wagon. Those farm wagon running gears are pretty tough to back up unless you have the knack. They are far different than a standard single or double axle trailer.
Couple things to consider:
1) Get and use a standard trailer for general purpose use. They are generally smaller and easier to maneuver. My dad had an old pick-up truck box type trailer (short box from the 50's) that we built bench seats over the sides. Hosted many rides out in the woods with that.
2) A tractor with a 3 point can be outfitted with a carry-all set of forks. Building a 3-sided wood box on this can allow riders to ride along on some cushions, and also haul around wood & tools as you head to the woods. As others mentioned, pull a trailer/wagon from a draw bar, and not the three point system. They generally have a lot of side-to-side sway, and unless outfitted correctly, can collapse upwards when trying to stop a trailer, and the trailer is pushing on the tractor.
Older tractors are nice, but you have to be a reasonable mechanic to keep up with them, and finding the corner garage that works on them is getting tougher to find if you're not a fair mechanic.
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Today's Featured Article - The Nuts and Bolts of Fasteners - Part 2 - by Curtis Von Fange. In our previous article we discussed capscrews, bolts, and nuts along with their relative hardness and thread sizes. In this segment we will finish up on our fasteners and then work with ways to keep them from loosening up in the field. Capscrews, bolts and nuts are not the only means of holding two parts together. When dealing with thinner metals like sheet tin, a long bolt and
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