Reply to catsilver:
I reckon you will find that serial number is a 235hp machine, if my memory serves me correctly, the 46A changed to the 270hp model at 46A10725 around 1965.
Strange that the U/C is measured the opposite to Cat as there was a 100% wear limit to re-use or rebuild, but a 120% wear limit (which would have to be a minus figure expressed thre other way), when it was considered scrap as the life of other components would then be affected, but I suppose quoting the life left is better when you are selling.
Sorry, missed your comment re trans fluid being milky; kind of tired last night. Sounds like the cooler is leaking. You probably have to invest in a cooler and a drum of oil to find out. I wouldn't pay any more than unprepared scrap, less transportation. It doesn't sound like you have the ability to rebuild the trans yourself. If you have to go through the trans ($15K plus labor to remove and replace assuming no or almost no hard parts) your nightmare has just begun. Then its the torque converter, cross shaft, brakes and clutches. You'll spend at least another $20K. If you have 20,000 hour finals and an engine on its last legs, you're screwed.
You might get lucky but I have a nagging feeling someone patched that transmission. Ask the CAT dealer for the records. What did they do to the trans, if anything? Its not likely they replaced the cooler; if they did the previous owner did not pay attention to the coolant. Either way spells trouble. I can't say this loud enough. Check the filters!! If they are sanitary I would consider paying scrap price for it.
I once looked at a 46A20,xxx that the owner had spent $120K repairing. I expected to see a cream puff. Instead it was unprepared scrap. I was shocked but learned a lesson I had already experienced on a much smaller scale. A piece of equipment can go from a good deal to a money pit in very short order. If you do not plan the entire rebuild from day one, you end up with a piece of scrap that you can't get enough hours out of to recover your investment. If you are buying this for yard art, you probably don't care. If you are buying it to use, rent one for 15-20K a month and get your job done. You'll be money ahead.