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If its a Polaris 550 fan and around 10yrs old i would google about the Polaris 550 fan form those years, I know they had a oil problem and a lot of people were burning up cylinders, Stueuben1 from the IND board had that problem along with 1000 other guys, theres a update to do on them so keep that in mind.....
Unless you're using the sled to drag out a permanent shack, you would be fine with a 500 fan. I can pull a loaded up 2 man flip while carrying a passenger. I seldom exceed 25 - 30 mph because I am towing a flip and excess speed is tough on the hitch and the shanty tub even with hyfax. A fan sled will handle bare ice better than a liquid cooled model because it requires only enough liquid to lube the sliders. Liquid cooled sleds require snow/moisture to cool the motor as well as lubing the sliders. just sayin....A couple things I would look for in a ice fishing sled are reverse, reverse and you might want to consider getting one with reverse. and now you have my.02
I was in your shoes a month ago... I pulled the trigger on a 99 Polaris Trail Touring 2up... from what I've been hearing, these sleds are bullet proof. I took a buddy who knows all about sleds with me when I went to buy. My 99 only has 2700 miles on it and was in immaculate condition. I can't wait to take it out. Good luck in your search.
X2, I was there 3 months ago and ended up with a 1997 Polaris Trail Touring with very low miles. I hope what you say about these sleds is true!