I think that if you buy a decent condition W123 for around $3K and leave $1K for repairs and parts, that would be a reasonable budget. Personally, I like the W123s with less to break on them - hence my penchant for a 240D with manual transmission, manual windows, and if I could, delete the sunroof or put in a manual one. There's SO much less to break.

OK, I'm comfort-loving, so I did insist on getting one with A/C and fixing it.

Good luck,

PE

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83 240D - 4 speed manual - Manilla Beige
189K miles, Tachometer mod, cool wooden shift knob from PeachParts, CocoMats, Original factory paint, manual windows, manual sunroof. Starting to add AudioWrap to this car too!