I have an opportunity to pick up a 69 220D.
The owner knows nothing about diesel engines and told me that the oil pump needs adjusted. The car makes more noise than any diesel engines I own (all Isuzu) oil pressure gauge moves up and down.

Any thoughts?

If the engine is being starved of oil what kind of money we talking for engine overhaul? The noise to me sounds like the valve train. Anyone experience any excessive noise from these engines such as injector pump, vacuum pump. Main bearings, etc.
What is the pressure relief valve on the oil pump?

I am asking these questions because I am trying to figure out if it would be a good buy for me. I don't mind fixing things on these old cars, but I am really not to familiar with the German stuff.

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Any thoughts?

Need more info. What is the oil pressure at idle? Does the gauge peg upon acceleration? Does the gauge hold steady at steady rpm's? Can you see oil on the valve train when looking through the oil fill hole when the engine is running? How much oil is in the engine? When was it last changed? Have you tried a different oil pressure gauge?

__________________
1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

If the guage moves up and down with how many rpm's there are, this is similar to what the oil guage on my 79 Chevy K10 is doing. We bought an aftermarket oil pressure guage and hooked it up, and it ran just fine. It ended up being a broken guage

Totally normal, the gauge should be between 15-30 at idle and pegged above 1500RPM.

3-6K depending on the damage and how much or the work you can do.

It's hard to diagnose "noises" via the internet, as you have noted the OM615 engine is not exactly quiet. When viewed from against modern Diesels even perfect engines are pretty noisy.

It is a valve that is designed to open when the oil filter becomes clogged - the valve will bypass the filter to prevent oil starvation.

Depends on what your expectations are.... If you are looking for an inexpensive daily driver and you don't have a lot of experience in repairing MB Diesel engines I'd say its a poor choice - I would not be looking at a nearly 40 year old Mercedes Diesel. If you are looking for inexpensive car to tinker around with it might be a good choice - but unless you have a burning desire to own a W115 240D or you wanted to learn about Mercedes Diesel engines I'd pass.

The W115 chassis has terrible corrosion resistance, I'd check very carefully for rust. If the car spent it's life in Ohio and was driven in the winter I'd be shocked if it wasn't riddled with rust. 0-60 times will be in the mid 20 second range, fuel economy would be 27-29 on the highway. Most all parts are still available but some can be a bit pricey.

IMHO market value of a car, in the condition you describe, would be on the order of a parts car. $400-$600 tops.

Thanks for the info.