The euro SE was a lot peppier than the U.S. version, so it should be a decent driving car. Just evaluate it well, especially for rust, as rust resistance was not a particular strong suit of the w116. Good engine, good chassis. If you like it and it's in good shape, go for it, just set aside a few grand for surprises inherent in any 27 year-old car.

Don't fall in love with the odometer. In a vehicle this old, low mileage does not guarantee good condition. Evaluate the value strictly on condition.