As the owner of 2 1980 300SD's I heartily reccomend you purchase the car. I love both of mine (much to my wifes chagrin).
The rattling air cleaner is quite common and can be solved easily.
I also would like to know the mileage. If it is in decent condition it's certainly worth the 1200.

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Joe

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1980 300SD - 495k miles - 'The Ambassador'
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Former Family Members
95 C280
73 280SEL
90 300D
87 300SDL (X2)
86 560SEL
84 300D
80 300SD