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At least with the 1992 500E and 1993 500E/E500, we're talking about a measly 7 HP and lb-ft difference in power and torque.
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That's the same difference as the 400E/E420 gap. 268hp vs. 275hp. I just figured with the WOT enrichment and a cheap chip you'd be right back there. Sounds like a '93 would be the best alternative for inexpensive and fast combination if you plan on doing nothing to the car performance-wise. I've always read that the chips, i.e. RennTech, Perf Products, etc, don't do much to the '93/'94 cars, and in some cases rob a few ponies in different RPM ranges. They are a little better in the '92 cars with the WOT enrichment but not much. Bottom line, look for a 92/93 car if you want to save a few bucks and don't care about cosmetics.