Train Master Diesel

I love the original postwar Lackawanna FM Trainmaster with horn that sounds like a bicycle horn. Probably costs $300 to $400 in good condition without box.

Honestly, I have all three kinds and they are winners. Only the more modern ones have sound, however, if that matters to you. Great pullers, too. 

Probably the best at pulling of all the PW engines.  As long as you are willing to accept less than pristine condition, the PW originals are certainly out there at prices less than those quotes above.  A common issue is a cracked shell under both Phillips head screws.  Both William's and K-line used can motors with electronic E units, so suspect those to not play well with your station stop mechanisms.  K-line brought out a better scaled model vs the PW copies.  Early William's had big Pittman cans.  

While the MPC version I had worked fine, my PW Lackawanna FM is so much smoother....probably due to its well used condition.  I wired my early William's motors in series to slow it down and smooth out throttle response.  My K-line Virginian, TMCC equipped version might not be relevant in your case but worth mentioning that it has fan driven smoke.  I still have another K-line, this one conventional control, that has no track time.........something I'm saving for a future upgrade.

Bruce

I have two post war Lionel FM and don't use them anymore. On the other hand I have five K-line FMs with sound, smoke and look great. The detail was a break through at the time and they still look and run wonderfully. Never paid much over a hundred and fifty dollars for any of them and that's will TCCM. Take a close look at these. They come up on the Bay on a regular bases. Don

I have Lionel FM Trainmasters from the Postwar, MPC and Lionel PWC era with Railsounds.  I also have a couple of Williams Trainmasters along with one K-Line.  Its obvious I like these engines.  For my money I think the postwar Lionel's are the best runners/pullers.  They are smooth and powerful and there is something about that postwar mystique which make them irresistible even with the bicycle horns.   Some purists complain about the wire handrails not being prototypical but that never has bothered me in the least.   In terms of running capabilities the Williams FM's are my next best bet.  They have two can motors and are tremendous pullers and seem like they are rocket propelled.  As has been posted if you want to  slow down those  jackrabbit  starts it is necessary to rewire the motors in series.   Also, I am not crazy about their horn and bell sounds.  The bell sounds like someone is banging a pipe with a wrench.  The K-Line FM I have is in the Lackawanna livery and for sheer looks it can't be beat and for the purists it possesses prototypical handrails.  It too is a great puller with two can motors.  I have a couple of the MPC era Trainmasters and even  though they too are good pullers they are not as smooth running as the postwar FMs.  Additionally, they run with the plastic worm gears which are prone to cracking.  I've had two go down with that problem and I needed Chuck Sartor, a long time member of this forum, to replace those gears with brass gears.   Last but certainly not least come the PWC Trainmasters with Railsounds.  They look great and run great and have great engine sounds.  I would put these ahead of the MPC era FMs in preference.  I don't have any of the most recent Trainmasters so I can't comment on them.  Hope this helps.