Looking at a 500E - How much should I pay? - Page 6 - PeachParts Mercedes-Benz Forum

placo1 · #76 12-30-2002, 05:23 PM

fad,

I would agree with what you've listed above but I sure am curious about mileage affects.

My car currently falls into Category II however over time this will change. What I would really love to know is how a collector or apraisor determines the value of a car. Hard facts written somewhere would definitely be a plus.

I'm also curious how collectors would feel about a professionally restored 500E/E500. For example if a 500E was purchased cheap with all of it's original bodywork in tact and then completely restored would it sell for high dollar?

One last comment. From what I've seen and others experiences on this forum it appears that the vast majority of the cars currently for sale have some type of accident or major issue. It makes me wonder if it's only a matter of time before the good cars start increasing in value.

suginami · #77 12-30-2002, 05:52 PM

I think Fad's comments are pretty much right on.

I follow the ads of the 500E's / E500's daily in the paper, and my opinions are the following:

1. The supply of Category I cars is close to zero. Very very rare. I can't say I've ever seen one for sale, but they must be out there.

2. Category II cars are also getting close to extinction. Surely the supply is less than 10% of the available cars out there. Placo1's car is surely a Category II, but not too far from a Category I. Maybe it's a Category 1.5.

3. Category III cars are probably the most plentiful out there right now, and these are the ones that are probably listed for sales in the mid to upper $20K range, maybe even offered for sale in the low $30k's.

4. Category IV cars are the most available after Category III. These are the ones that you see listed in the low to mid $20K +- a couple thousand. You might even seen sad examples with a salvage title and a poor respray with a little rust for $18k. These cars will give the buyer serious buyer's remorse and probably swear off Mercedes Benz for the rest of their lives.

need2speed · #78 12-30-2002, 06:03 PM

placo1: the appriaser that did my car last month said two issues establish value for insurance purposes: 1. condition, and 2. availability. For selling purposes, add: 3. desirability.

Its that last totally subjective value that drives people to pay large amounts of money for clapped-out old muscle cars that have less power-to-weight than today's sedans. :p

IMHO, today's 500E/E500's resale values are often reduced by condition and desirability.

As many are on their 2nd or 3rd owners, they may have been driven hard by people who did not pay the full fare (like me

)...and perhaps were not cared for as they should have been. Also, all the non-factory accessories added to the car or attempts to "modernize" it will affect condition and, over time, desirability (ask any serious collector).

As to desirability....its a small group of people that even recognize the car. Only available in NA for a few years and priced beyond the reach of most, the numbers are small. There is no romantic connection to our youth, like muscle cars, and many people still suspect "foreign" cars are fussy and expensive to service.

I think this king of the W124 series is caught between being just an old car or a near-classic.

placo1 · #79 12-30-2002, 08:14 PM

Dean,

You certainly bring up a good point. Emotions are definitely responsible for many collector cars.

This raises another questions which I think would be cool to poll here on Shopforum!

So can someone help me with posting a poll?

Holson Adi · #80 12-31-2002, 04:07 AM

After looking at the 500E's available again. I don't think I can own one for less thank $25k without settling for one with...
1. lots of miles
2. poor maintenance
3. rust!

4. banged up and fixed up

oh well...
(1) is what I was hoping to find... with amazing service and maintenance record that is. Mileage doesn't scare me when it comes to MB's..

I guess no 500E for me... not for now at least. Maybe in the future.

placo1 · #81 12-31-2002, 11:34 AM

Holson,

Don't give up, it really takes a great deal of time to find the right car.

If you truly want one and you have the means then take your time and continue to look. Regarding the rust issue, west coast cars really don't have this problem, expand your search and I'm sure you'll have better results.

-fad · #82 12-31-2002, 12:16 PM

Greetings

Placo-
re: appraiser determining 500e's value
Dean brings great 1st hand experience and info to the discussion. I'm wondering if there are material differences between vehicle appraisal for "insurance purposes" vs. for "market value sale purposes". Perhaps the same data is utilized but different weighting of more pertinent bits of data is applied?

I'm not aware of a "vehicle appraisal bible" (hard facts) per se, but would allow my common sense to recognize that there is a healthy dose of subjectivity in any type of appraisal (its not an exact science). Reviewing real estate appraisals, I've placed a close eye on the quality and quantity of supporting market data, similar recent closed sales, geographic proximity, comparable property similarities, and any subjective valuation adjustments.

re: how collectors would feel about a professionally restored 500e/e500....would it sell of high dollar? Short ans.- perhaps not.
...I'd suspect that this type of 500e/e500 would not break new ground -in terms of market value behaviorial modeling- so consequently it may follow its MB hot rod brethern's behavior (6.3, 6.9)

What would a museum quality frame/ground up restoration (as-new/ out of the factory condition) 6.3, 6.9 be worth? hmmm, in the current market I wouldn't pay more than perhaps $20k-$25k (much less than what it cost to restore it to museum condition) Would the car appraise for more than $25k- most likely...Would anyone pay more than $25k? maybe/ maybe not. Appears the resale market for these types of specialty MB vehicles is extremely thin (unless Elvis or some other infamous character was a previous owner).

RE: wondering if its only a matter of time before good cars start increasing in value?
....a number of macro factors outside that of simply the US used vehicle market would most likely affect the true outcome....Cat I-II 500e/e500 cars will realistically command the highest prices though....

I agree with Dean that there's a small group of people in the general mass population that recognize/value a 500e/e500...but in my experience, MB types of the 1960-1990's era vehicles know what it is.

Best regards and Happy New Year!
-fad

MBlovr · #83 12-31-2002, 05:35 PM

500E Valuation Data point:

http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&category=6335&item=1874413032&rd=1

Holson Adi · #84 07-03-2003, 11:11 PM

found my old thread again :

Here is the silver 500E that I was about to buy:

http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=2422098052&category=6335

still for sale I guess...
well I've settled for an E420. However, if one comes up at the right price and condition I might still make the jump

TomE500 · #85 07-04-2003, 01:11 AM

Horseshoes!

It is the only game that "close" counts in.

If you have driven a 500E E500, then a 400E E420 is at best - only close.

Arju · #86 07-08-2003, 12:07 PM

Holsen I've been reading your progress throughout the thread. Sorry you couldn't get an E500.

I got an SL500 with the same engine. The maintainance on these cars is critical. If I were you I would've gotten the 29k one but brought down the price a bit. I see the bills for each servicing and it takes a lot to keep these cars in good shape. I take great care of our car and it still has niggling problems a lot... but the sudden rush of punching the gas makes it all worth it.

ArizonaDAK · #87 07-08-2003, 01:18 PM

According to -fad's definition, I've just purchased a category 1 pristine garage queen...1992 500E with 27,000 miles in perfect condition. Interestingly, the source for the vehicle is a lover of great German cars who had several Porsches and MBs in his garage (including a brand new E55 AMG)....obviously a serious collector who was the original owner of this car.

I found the car advertised in the classifieds of The Star, magazine of the Mercedes Benz Club of America. It could have been bought by anyone in the two months between the magazine publication and when I came along to check it out. So here was an available category 1 car reasonably priced and sitting around waiting for someone to call/email the owner.

The car was is such good condition, that I paid his full asking price (mid-$20s) after checking out the vehicle in every way possible.

So, Suganami, category 1 500Es are out there! They are reasonably priced if you have the patience and dedication to seek them out...and be sure to check ALL possible sources.

tom woolner · #88 07-09-2003, 01:12 AM

For some reason, I have not gotten the last few issues of the STAR. Lucky for you. At that price, I may have sold my 118,000 500E, and bought that one. A great price for a low-mileage, well kept-up car.

Tom
92 500E
118,800 miles
22,000 miles in one year

-fad · #89 07-09-2003, 10:08 AM

ArizonaDAK- congrats again on your as-new 500e.

Certainly you are fortunate to own such a 500e and even more fortunate to have acquired it for such a reasonable sum!

I'm fairly certain that those here whom are looking at owning a 500e would have triped over themselves at any 500e ownership opportunity such as you've described!

Congrats again and best regards
-fad

vincec · #90 07-10-2003, 12:31 PM

I am a fairly new owner of a 94 E500.....I bought this car from my company about 9 mths ago, ( yes, this was a company car for my boss), and I just cannot get enough of this car. I used to literally slow down / change lanes just to admire any E500/500E when ever I saw one on the freeway. Now that I have one, I just love it and I hope to keep it in as pristine a condition as I can. The only peeve I have is (with so much Horsepower inflation out in the automotive world nowadays, esp with all the new cars that are being rolled out), that there is not much you can do to "tweak" this baby............... Any comments?