I have a 1995 E320 Wagon with only 41k miles on it, and it averages 24mpg on the highway and around 19 or 20 in town. Really. As for the smell, I notice it occasionally when under hard acceleration up long hills, same as in my other cars, but usually never at any other times. So far so good with mine. By the way, I noticed you have a Volvo as well...I have a 1996 960 wagon in addition to the Benz. Which do you like better, just out of curiosity?

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2002 Mercedes-Benz E320 4Matic
1995 Mercedes-Benz E320 Wagon
2005 Land Rover LR3 V8 SE
1999 Audi A8 4.2L quattro