Back in 1962 I bought an 8N Ford that included a new plow, a 3point sycle bar mower, a new 3PT rotaty hoe, a three point rear end manure loader, a 3PT boom, all for $700 from a Ford dealership. That same outfit with age and all is worth over 5 times that much today.
Shortly after they delivered it, I used it to plow all forenoon. I parked it by the barn and ate dinner. We had 3 little kids then, and when I went back out to go plow some more, the plow which I had lowered so the kids couldn't drop it on one of them would not raise. I called the dealer and told him the hydraulic pump must be shot. He laughed and told me where to find the PTO lever down on the left side of the transmission, and how it functioned. I only tell that story to strangers.
Your questions have been answered correctly. I'll just add that if you use an implement like a bushhog you will need to install an overrun clutch on the PTO output shaft. The blades on a bushhog will continue to spin after you step on the clutch and stop the power to the PTO shaft. This spinning of the blades will actually drive the tractor even with the clutch depressed. The overrun clutch allows the blades to spin and not put power back thru the tractor. It sounds like nothing but if you need to stop it will push you into a creek, off a bank, or into whatever is in frt. of you.
Those are the best all around tractors for a general use I ever used. Knew a guy in his 80's who still farmed his 40 acres with an 8n he bought new in 1950. I think he passed away about 1995. Heard 1 old farmer say the 8n was the best tractor ever made for pulling a empty wagon back to the field. Apparently he didn't much like them.
Now that I've got more than a few hours under my belt with the 5 ft. brush hog behind the 8n I guess I'm going to comment that it really isn't that bad without the overrunning clutch. It seems to take 6-10 feet (call it an average of about 7-8) because of the direct PTO.
I wouldn't be comfortable taking it close to any buildings or tight places by creeks in any event. I'll eventually get an overrunning clutch but I'm not as concerned about with the issue as I was before actually using the brushhog.
I had originally intended to get the clutch but no one had it in stock locally when I got the brush hog and I have plenty of open fields.
Anyways Oldmanriver, I highly suggest that you look around for the original operators manual. I found mine on ebay pretty cheap.
I learned real fast the perils of the 8N without an over-running clutch. The second time I used mine, I was hogging on a slight downhill slope towards a spring. Brakes were kinda weak anyway, so I stopped (tried) about 10 ft. away from the spring where it for sure woulda flipped over. Luckily, I was able to steer the tractor up a slight embankment to stop it. Now I mow that area with my riding mower.
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