We looked at a 1992 500E that was for sale last summer for $30,000. That's a REALLY low price in these parts for a 500E.
I had the car checked (best $160 ever!) and we found dry compression to be 130 on a couple cylinders. Most were in the 145-155 range.
Run away! That car has NOT seen an easy life.
I thought about buying the car, and using the difference in it's price and a good example to bring it back, but why bother? God only knows what else has happened to the car.
1998 C230 "Black Betty"