Was at an auction yesterday and picked up a 265 for $400.00, it has a 46" deck (I think) and the power 2 bag bagger system. I think it has a stripped piece on the motion lever as the lever feels very loose and moves quite a ways before it goes forward and barely back at all. The diff seems pretty beefy with an external filter and a line that goes from one spot on the tranny to another (not sure what for though). The engine seems real strong, no smoke at all and runs very nicely.