1. When I buy something or get something to repair I estimate what the net value is if I part it out. Then I figure it will bring net value when I have it fixed or what a good one would cost me. Then I value time and profit. For example, I buy a 460 IH Ute with an estimated sale price of 4500 when I get finished and I pay 1000 for it. I want to make 1500 profit. So I can spend 2000 on it. I estimate the salvage value at 2500. When I get to 1500 spent on repairs I look at where I am. That locks me into break even. I may go on and spend another 500 or even a thousand on it if I think I can get out of it with that back, or I may chop it up right then. Usually I end up chopping them about 8 times out of 10.
2. For my own stuff, and all my stuff has an actual working revenue generating purpose on the farm. I figure what a good known replacement would cost verses what it would cost to fix mine. If its even money or less I fix mine.
Oh, and I guess a 3 which is worth noting. It may not apply to some people but it does to me. Im as sentimental as they come about people and activities but as to things, any thing to me is just what its worth in cold hard cash.
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Today's Featured Article - New Hitches For Your Old Tractor - by Chris Pratt. For this article, we are going to make the irrational and unlikely assumption that you purchased an older tractor that is in tip top shape and needs no immediate repairs other than an oil change and a good bath. To the newcomer planning to restore the machine, this means you have everything you need for the moment (something to sit in the shop and just look at for awhile while you read the books). To the newcomer that wants to get out and use the machine for field work, you may have already hit a major roadblock. That is the dreaded "proprietary hitch". With the exception of the
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