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 straight off, you probably won't be interested in a full refurbishment for some time and need to reduce the number of initial maintenance tasks. 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.
Does it start easily? - A tractor that starts easily from cold 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 quickly from cold, it still may be a good tractor but you will have to spend some time and money on it. One key thing to watch out for is if the tractor is out and warmed up prior to your arrival, 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 does it run when warm - Make sure you get it hot, as you will want to ensure it doesn't overheat. There a number of problems to watch out for that can cause the tractor to run poorly after it warms up. You should run it for al least half an hour. After running look for leaks, both oil and antifreeze. Then, shut it down and see how it starts up again.
Are the brakes working well - Although relatively inexpensive to replace, they are difficult to get at on many tractors and will require a lot of work to replace.
Does it generate a lot of - Blue smoke indicates many potentially difficult problems like rings, pistons, or valve guides. White or black smoke can frequently be fixed with carburetion or ignition changes but still costs time and money.
Does it make clunking noises from inside the engine - 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 indicate very serious and expensive repairs. The clunk should be more pronounced under load. This may be a sign of trouble with the bearings, crankshaft or piston rods. And mean a very expensive repair job.
Use the hydraulics - Check the full extent of the power rams by extending them with a load. Let the load stand in the hold position for a period of time to be sure that there is no leakdown. Chattering noises from the pump while lifting suggest the pump is getting insufficient 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 about to fail.
While some of the above experiences may sound a bit negative, you should do your research and understand the specific issues the model of tractor you are looking at before you invest.