John,
The front calipers on the early 92 400E's were a problem but odds are that any car of significant age will of had them upgraded/updated to 93 spec already. Don't know of too many M119/W124 short comings except the usual cooling concerns. Though not nearly as much of a problem in 400's as 500's you need to keep the cooling system well maintained. No problems with the head gaskets or valves that I know of. The tranny can shift a bit hard but that is the nature of the heavier duty 722.3xx tranny. I've heard of a couple people who have had to reseal the power steering but that is a sub $300 fix if memory serves. (labor, parts, etc included) Overall a really good car. Just budget for getting 16" wheels and tires as the 3700lb sedan that is packing 295lb-ft and 275HP really comes alive with 16" rubber. Of course, other owners are more than welcome to comment.

Hope this helps...Lee

PS As with the 500E's, the 92's have a bit stronger motor. For the performance junky, you may want to hunt one without ASR. If you encounter snow or slippery conditions often then you may want to get one with ASR. It was optional on the 400E's but standard on the 500E's (at least in the US anyhow)

[This message has been edited by Lee Scheeler (edited 04-26-2000).]