You could try to find another rust-free w115 with a bad engine and transmission and swap your drivetrain in. If you're looking to repair it, some tools you'll need are an angle grinder, a knotted wire brush, cutting wheel, grinding wheel, tools to remove anything that's in your way, POR-15 and epoxy putty. I don't know what kind of welder you have, but a wire-feed is preferable. A cheap 115v flux-core welder will do, but buying one that can use gas makes everything much easier. You'll need a powerful one to fix any structual rust. I'm doing a lot of rust repair on my w123 and I have a 115v lincoln pro-mig 135, which will weld anything on a car. A lot of little stuff and non-structural can just be repaired with fiberglass and epoxy. Depending on the extent of the rust and the value of your time, it may be cheaper to just do the swap. Repairing rust is very time-consuming- it requires a lot of love for your car and it helps if you enjoy the work.
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1983 240D 3.0T 4-speed manual, now sold
1989 Subaru GL Wagon 5-speed Touring Edition
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