I have yet to find a 20 year old motor without oil leaks. Those are cheap problems that are simple to fix. I would maybe try to knock $500 off the price for those problems.

My frank advice is:
Become a diy'er with regard to fixing these cars.
If you are not inclined to, or are do not have the time buy a much newer MB. It is not practical to bring these things to the shop every time they have a little oil leak or vac problem.

You can buy some very nice clean E's and C's for low teens.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

Decided to let this one pass. Somebody did buy it for $6k. Seems pretty high to me. The search continues...

And why not? When it comes to things like these old cars, there are the KBB and Nada Values and then the values that buyers and sellers create. The market decides the values of such items. If people are willing to pay $6000 for old 300SDs, then they are worth it. Simple!

True. Except I've read that the electronic gremlins experienced in those cars may turn off someone who wishes to have something as reliable as a W126 diesel with the great 617 engine.

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1999 Mercedes-Benz S600, 103K miles - garage queen
1988 Mercedes-Benz 560SEL, 89K miles - daily driver
2007 Hyundai Sonata Limited, 31K - daily driver

True Richard but a 20 year old car is a 20 year old car. They will need a bunch of work and unless you are willing to get your hands dirty it will cost you a fortune. You just don't get a 20 year old car worked on at the dealer unless you have a lot of money.

$12k will get you a late 90's E320 that looks like new, for hands off people one of those will be a better buy in the long run. By that I mean reliable and less costly.

If I were looking at a W126 I would note the door locks don't work but I wouldn't really be concerned. I'd be busy looking for important high dollar items, such as a trans slipping or rotted out floors. A wet turbo isn't a big deal the botton of the turbo on my SDL has been a little wet since I got the car. I am not going to touch it why bother? It doesn't drip or make a mess it is just wet, maybe one day 2-3 years down the road I'll deal with it.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

I don't know if it costs a "fortune," but I average about $2-$4K per year to keep my W123 300D in good condition (I drive about 35K per year). At some point the purchase cost is irrelevant compared to the cost of operation. In reality, it would probably be cheaper for me to drive a newer car. I'm just not interested in owning anything newer. The point is, I would not recommend buying a W123 or W126 to save money in the long run.

So you drop your car off at the dealer for everything?

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

I use an indy for everything I don't feel like doing myself (i.e., anything that will get me too dirty and/or pissed off). But I do fix EVERYTHING that isn't correct. My goal is to keep the car as close to perfect as possible for a driver. My point is that it does cost some money to keep these things working well. I always cringe a little when people thing they can buy a 123 or 126 for a couple of grand and drive it indefinitely without doing anything to them.

I understand that the market price is whatever people will pay, braverichard... I'm a big fan of these cars, it sounds like you think I'm talking them down! I'm just amazed that the market is rising so much for these. I own a nice example, I think my car is nearly the condition of the one in question. I don't know that I'd part with her for $5000, but it's sentimental value, not hard numbers. I can't believe they are worth so much! I paid $1500 for mine, and the seller had it languishing in Auto Trader online and in print at $3000 obo for months. IMHO, the green/green scheme lets that car down. It's just nauseating. But if that's the direction the market is heading, I guess I'm a shrewd investor... and may well have a house downstroke sitting on the driveway after all. If is were gone though, I can't think of any car under $10K I'd prefer to a 126 diesel, except an Audi Turbo Quattro of the same era, and I already have one of those too...

Although this car is gone, I want to comment on the "mirrors don't work" point of the PPI.
My first thought was that they no longer reflected images--THAT would be a mirror that doesn't work. Right up there with " engine missing"--No, I opened the hood and found it.
Seriously, Mirror mechanisms do get sticky with age, The driver's side is a mechanical linkage. Most likely it got stuck from lack of use. I have found that sometimes they can be freed up simply by squirting some WD40, or similar penetrating oil past the rubber boot into the area back of the mirror and manipulating both the handle and the mirror surface (gently). Sometimes they have to come off for a more agressive treatment. But they are simple mechanical devices.
The passenger mirror is electrical, and may be stack from lack of use like the driver's side. But it may be as simple as a blown fuse.