I have a 1465 (newer version of the 489) and used to have a 477 (smaller and older version of the 488. I really like the 1465. I have heard that there can be some pivot pin problems with a 489. The cutter head on the 1465 seems to float a little better that the 477 did.
If I were looking at the two I would look at price, general condition & roller condition. Shouldn't have any problems getting parts for either one.
 
The 489 style only carries the header on the float springs. All the power comes over via a bunch of driveshafts. They float better but are more parts to fudge up when the machine gets old.
 
I have had both. The 489 was was the newest and used less. I still ended up going back to the 488. The cutter bar gear box was a major issue and costly. Just my experience.
 
We bought a 489 in the early 80's and ran it hard until about 04'. Never really had any major trouble with it.Keep in mind this was rocky New England ground...Jim
 
All I could ever remember grandpa having for a mower was a 489. Not sure why it got traded on a 492, but as far as I know there was nothing really wrong with it.
 

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