We have a 2wd 5240 with a Westendorf loader.
It's a decent tractor. Great engine.
Check the parking brake. Make sure the buzzer and lights work. If you leave it engaged (which is easy to do if those are broke) it'll smoke it, and you have to split the tractor to repair it.
Make sure the PTO gear change mechanism is working, that's another somewhat common problem. There is a pair of pins inside that engage those gears, they wear out. Not a huge deal but you have to pull the PTO housing off the back to repair. When these act up, the PTO shaft will not go in far enough to get the clip in.
Ours will start down to about 20* non-assisted. These tractors do not have any kind of cold start aid that I know of aside from ether injection.
The electrical components (switches and stuff) seem to be somewhat problematic. CNH parts are spendy too.
Hydraulics are a touch slow but not bad. They only have one pump, so it has do everything.