OK........ here goes...
This is a 1988 448.. last year that Ingersoll made 3 digit tractors. It is now 22 model years old. The stated hours appear to be in line with the hour meter reading, based on the average of 50 hours usage per year.
However, one has to wonder why it was necessary to "rebuild" the Onan at around 1000 or so hours...two years ago? This is a real puzzler because the engine hadn't even reached its half-life number. A properly maintained Onan should be good for 3000 hours.
The even LARGER question is the word "rebuilt". Was a proper rebuilding of the engine carried out or did he just do the typical band-aid procedure of sticking in set of new rings? It's very evident that he's "invested" a small sum of money in some rattle cans to put the usual quick coat of lipstick on this pig but does THAT make it worth the asking price?
These are the things that a prospective buyer must ask HIMSELF when considering buying a "tarted-up" tractor. I much rather prefer a dead honest tractor that shows the normal scars and signs of usage one would expect to find, than the half-ass job we see here to conceal rust. When I observe that, I have to wonder what else the seller is trying to hide from me.
Do I think that this tractor is worth the asking price?
Hmmmm. Show me the invoices for the engine work, dude. Prove to me that the block was bored, a valve job was done, the crank was either turned or polished, the camshaft was profiled etc by a machine shop. Show me that new pistons, rods, rings, gaskets, seals and bearings were purchased. Show me that a grand was spent on the rebuild you claim was performed.
If you can prove THAT, then I will agree that your asking price is fair.