First, what kind of shape is the rest of the car in? If it's pretty good, then even if the engine is tired, you can put another powerplant in it. I've got a low mileage one that had the oil pan knocked out of it, and the previous owner kept driving. It will have a used engine in it real soon.

They are really nice cars, even if you spend a few dollars to get it right.

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87 300SDL - 215K Miles !!
99 F-350CC Dually PSD - 190K
86 300SDL - 189K
All on B-100