I've got an F-40 that my dad bought new. I wish mine was in that good condition. The tarp just came off of it for the first time in 15 years. Restoration begins this winter. None the less, that one appears to be rough. What sort of shape mechanically? Does it run OK? Is everything there? Steering tight? Lift work? Clutch good? Guages work? The F-40 is worth a few bucks more than a Massey Harris of the same vintage, and even a few bucks more than a Massey FErguson 50, provided they're in equal condition. Production was less than 2 years. There aren't a lot of them. A mint (or well restored) F-40 is a very collectable tractor. But the one pictured needs a LOT of TLC. I'd say anything over $2500 would be excessive, and I'd balk at anything over $1750 for that one. BUT, I saw an F-40 High Arch sell at auction last spring. The High Arch generally brings less than the Standard like your picture. This one was rough in appearance, AND rough mechanically. It brought $3100. I was shocked. For reference, I've seen a couple very well restored F-40's sell. Both brought over $5500. They were PERFECT though.
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