This really worries me. how should I attack this. It is right by the rear door towards the bottom of the car.

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W126 1983 300SD 286,000 miles and ticking
Baby blue exterior Grey MB tex
Recent work:
Replaced air cleaner mounting brackets and heat shields
Replaced alternator, fan and power steering belts
Replaced positive battery terminal
Replaced negative battery terminal and cord
New Duralast Battery

My car needs work.