I restored an Allis tractor and it had a like-new top of the line loader but it brought a below value price and I was disappointed. No I was more than disappointed, I felt hurt that the tractor wasn't appreciated and foolish for putting some much time and money into the restoration process.

We had an Allis Chamber 7020 diesel tractor that we auctioned last Thursday. It was a one-owner tractor with about 8000 hours and had spent most of its life as tillage and haying tractor. About five years ago we bought a new Allied Buhl 795 top of the line loader with bucket, grapple, pallet fork and bale fork and mounted it on the 7020 but never used it much.

Back in 2006 we put a JD 725 loader on a JD 4440 tractor and the Allis and loader were relegated to storage. We decided to sell it but then I started a restoration project and it sat in our shop in various states of renovation for over two years until I got motivated to finish it off and take it to the Wegener consignment auction in Cornlea, Neb.

Even before we retired the tractor for renovation we had the PowerShift rebuilt in 2006 for $4800. So the renovation included repainting the entire tractor including rims, a new cab kit and seat, four new tires, two new batteries, new block heater, all new filters and lubricants replacing and repairing all the lights, and making sure every gauge and electrical gadget worked. When I got all done assembling the tractor earlier this week and put a coat of wax on the vibrant Allis orange and cleaned the windows, it literally looked and smelled almost like a new tractor.

So what was the value of the tractor and loader? In my opinion the tractor and loader were worth $8,000 apiece. I thought it was truly valued at $16,000! I know that we paid $8,000 for the loader and it was still like new and the price of iron has only gone up in five years since we bought it. But I was dreaming that it would be valued at $18,000 or I would hit the jackpot at $20,000. But no cigar for this player!

In my opinion, the prices at the auction were running 15 to 20% below what I expected them to be. But with the economy in the doldrums and corn prices hovering just over the $3 mark, there is not much exuberance in the marketplace and it showed at the auction.

In the end the tractor and loader brought about $11,000, about $4,000 or $5,000 less than I wanted. But I was foolish because I probably expected too much for the tractor after I renovated it, foolish because I restored it in the first place and financed it out of my own pocket, and foolish because I did not buy it back and sell it privately.

While I was very proud of the work I did in restoring the tractor and happy with the results, I financed most of the restoration work out of my own pocket and contributed all the labor for free. I hoped to get a good price for it to pay off a bank note and then have enough left over to reimburse me for my expenses in parts and repairs.

After the sale was complete and I was in a state of disbelief, several farmers came up to me and told me I gave that tractor away and I should have bought it back. The buyer came up and said he felt he stole the tractor because it was in such great condition and even though he came to the auction with no plan to buy, he said he could not pass up this purchase.

So I am dealing with my loss and disappointment and trying to take away some lessons for this experience that I could put to use later. I have another tractor (MF 1130) I am restoring which included a major overhaul and new clutch, new tires and paint, etc. If I get that tractor done and take it to the same auction next August, I will again end up a loser. Maybe I will be smarter next time around.