My roommate bought a 1965 220S with an older high quality repaint, almost zero body rust, complete new exhaust from the dealer, new tires, new alternator, new dual Weber carbs, repholstered seats, etc. for $500 but no sunroof.

My 1960 220SE had a good body and sunroof and I paid $300 for it.

There was a local 220S for sale with an excellent body and chrome for $399 (no sunroof, though).

My roommate also bought a 1962 220S for $250 and it has the original shiny black paint and nice chrome--also mirrors on both sides and factory tow hitch and rebuilt head and clutch.

We bought a 1966 200 for $400 and drove it 100 miles back home. It also has a good body and nice interior, rebuilt engine and clutch, etc.

I've seen nice running and driving fintails with mint condition interiors and dashboards get scrapped because no one wanted to buy them at $300.

So I think $1,500 for a good car with bad drivetrain is very generous, especially with the economy the way it is.