Parts list and costs:    (If you are building it yourself to save money, think again.  You can buy a new ATV for less.)  Here's a sample of ATV's for sale.
Raw steel:  $175
8hp Briggs and Stratton with electric Start #192407    $415
4130 steel tube for A arms (special order)  $55
Rear Tires and rims   18 x 9.50 x 8    $110
Front wheels,
Azusa 1004   $56
Front Tires  18 x 6.50 x 8     $68  
Torque Converter 
TAV 30 (used)  $120
Wood (for assemby fixtures) $20
Front spindles, rear bearings $66
Acetylene and oxygen, welding rods, tank rental  $314  (this would have been about $50 less if we had rented the large tanks to begin with)
welding tip (#3) and adapter for larger tanks  $35
pillow blocks  $23 (had to buy 4 after we melted the first two)
Brake: caliper (Comet DC 1), mount and disk $83
lock collars (for steering) $20
Front wheel hubs #13828  $70
Rear hubs #13829  $45
Handlebars and fittings     $35
headlight   $16
bolts/hardware  $69
Tie Rods   $34
blueprint copies $20
Heim Joints  $30
Axle  $31
Shock absorbers $98
misc shop supplies ~$50
seat foam  $28
Paint and primer  $13
tail light     $4
chain   $25
rearview mirror  $8
Battery $28
seat fabric $6
Brake linkage rod $5
throttle assembly  $20
Electrical pushbutton switches  $12
Rear axle sprocket  60 tooth  $20
Rear axle sprocket 72 tooth   $50
Battery    $28
Sprocket holder  $18
Exhaust pipe   $6
Tools we bought:

14" Chop saw  $50

Chop blades/grinder blades $62

8" mitre saw $62

Clamps, magnetic welding clamps  $50

Set of large drill bits  $31

Welding masks (2)  $60 

Welding gloves  $21


Tubing bender   $80

Second angle grinder  $20  (burned out the first)

Second Bench Grinder $55 (burned out the first)
Tools we used but already had:

Small oxy-acetylene welding outfit       $250

Small drill press  $50

Angle grinder  $18

hand drill, grinding stones, drill bits, hammer, anvil, vise, wrenches
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This is what we've spent so far:    $2,326
Here's a source list where we bought most of the parts.