Recognizing that a 240D is worth around $5,000 max, I am facing a tough decision on what to do with mine. I bought it to be a daily driver/beater, but its panache and the comments it draws from other folks has me wondering if it should get a resto.

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Honest evaluation time...

Interior:
The whole interior is original. Radio, AC, everything is there and works great. The only things that need fixing are the rear windows (not working) and window switches (cracked housing). Some of the wood trim on the dash is lifting, but it would take 2 minutes to glue it down. There are no cracks, splits tears, etc. anyplace. Basically it could have come off the lot a month ago and you wouldn't know the difference. Even the carpets are very clean.

Body:
The fender needs paint, as discussed in another thread. The hood has a few scratches and could use a repaint, but it isn't urgent. There is a spot of rust under one taillight. The door bottoms have rust like most of these cars, but it is not yet critical. Patches may be needed but not much more. Panels have been replaced. The car is currently 4 shades of off-white.

Underbody:
Ugly. In order to pass inspection I have 4 perforations that need fixing. The body guy who quoted me the panel repaint showed me how he would replace them, but its an expensive fix. It has also been suggested to do a tar and flashing fix to pass safety and ignore the problem. One floor seam is letting go. the passenger's floor has been patched with fiberglass. To repair the floors properly would mean tearing out the interior. Or at least the carpets and seats. There are 4 perforations in the trunk. While these are not part of the safety inspection, they should be repaired along with the other rust work. In for a dime, in for a dollar. I haven't checked the hood pockets yet, but since I have no sunroof, I hope nothing is draining into there. Wadda I know.

Suspension:
Passed inspection, but both rear shocks are leaking oil. Not sure if they can be done without a lift. I've never done shocks before and compressing the springs scares me. You can call me a wimp.

No known steering issues.

Mechanical:
Engine runs fine, but can be shaky at startup. A local diesel specialist has quoted $150 to set valves. Typical vacuum issues but I can do that for cheap, and will either way. The tranny (stickshift) seems fine. Cruise controil repair needed, but not critical.

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So the real question is do I have a fender painted and do a flashing job on the floors at a total cost of about $250 and 2 weeks time, or do I strip out the interior, weld patches and panels into the floors, and get the whole car repainted at a cost in the thousands and a time investment measured in months. If I do get the repaint, how involved is removing the trim and do I need to remove the engine and prep the engine bay as well?

For the record I have never even considered restoring a car before so I really have no idea what I am signing up for. My cars have always been far more modern than this one, or in better shape. I've gotten myself in deeper here than I realized when we wrote the cheque, but so far I don't regret it.

Time is not a big deal, but I can't say how long my current DD will last. its a 1995 Suburban with low miles, mechanically sound, but with peripheral issues. The 240D was supposed to replace it as a more economical (gas-wise) ride.

If I go the resto route, the car will still end up being a DD, just a much nicer one that had better last for years as opposed to year. As far as safety is concerned, I think the resto would give a chance to take a closer look at frame components and be sure that the car is sound - my 16 YO is about to get her license. In the car's current state, I would be nervous about her getting hurt in a crash, simply because I have seen other rusted frames that gave out in a crash - I work closely with our police force in crash investigations.

Awaiting your (biased) input.