Its very important they you test all the basic mechanics of the tractor, so take time to test the steering, gears, forward and reverse, PTO, lift, lights, indicators and hydraulics. Even if you plan to work on it right away, you may not be interested in a complete refurbishment for some time and need to reduce the number of upfront jobs. Your check list should included at a minimum the following: does it start easily from cold, run well when hot, all the electrical components work well, does it have good traction If possible you should go to your test armed with a toolbox containing a compression tester, expensive Fluke digital multimeter, hydrometer, and other specialty tools. or bring somebody with you who has these tools.. If you don't have these tools, don't panic as these tools can end up costing more than the tractor itself.. You should in this case rely on your own common sense and your own observation skills.
How easily does it start from cold? - A tractor that starts easily may eliminate several items at once Good Battery, compression, ignition wiring / magneto, tune up, fuel flow, Carburetor can be assured (not guaranteed) by this. If it doesn't start easily from cold, it still may be a good machine but you will need to spend some money on it . One thing you should be watch out for is if the tractor is out and warmed up when you arrived, you lose an important checklist item, namely the cold start, because as we all know a warm engine starts much more easily then a cold one..
How well does it run when warm - Getting it hot is a must if you want to find out how it will work after you plowed the first row. There are simple and complex problems that can cause the tractor to run poorly after it warms up. Plan on spending a half-hour running it. Look for leaks, antifreeze and both oil. Lastly after warm up, shut it down and see if it will start.
Are the brakes working well - Although inexpensive to replace, they are difficult to get at on many tractors and will involve a lot of effort to replace.
Does it generate a lot of - like rings, pistons, or valve guides. Smoke that looks black or white can often be corrected with carburetion or ignition changes but still costs time and money.
Does the engine run smoothly - A simple ticking from the top of the engine may be a simple valve adjustment but a deep thunk from the bottom or middle of the engine would point to very serious and expensive repairs. The clunk should be more pronounced under load. This may be an indication of problems with the crankshaft, bearings, or piston rods. And mean a very expensive repair job.
Work the hydraulics - Check the full range of the rams by extending them with a load. Let the load stand in the hold position for a while to be sure that there is no leakdown. Clacking noises from the pump while lifting indicate the pump is not getting enough flow of hydraulic fluid. The pump might have experienced a lot of wear when run this way for long periods of time and may be ready to fail.
While some of the above examples may sound a bit negative, you should do your research make sure you are aware of the specific issues a tractor may have before you invest.