You wont find a sedan that handles better. No ABS, but these had excellent brakes that stop on a dime. Being a euro, it should have the manual cliamate control, another plus. Most parts will interchange from a US model, so parts wont be too much an issue. The drivers side floor, and rockers are the first places that rust on a 116. You would only be getting liability insurance on something this old, so I wouldnt expect high premiums. If you are 25 plus and married with a good driving record shouldnt be but $200 a year or so. (at least in Wisconsin anyway) but that is dependent on where you live. They have great handling, respectable power, and should get 18mpg on the highway. The parts are long lasting like all the MBs of the era. Expect assorted power window issues and the like. No power seats and stuff to go wrong though.

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1959 Gravely LI, 1963 Gravely L8, 1973 Gravely C12
1982 380SL
1978 450 SEL 6.9 euro restoration at 63% and climbing
1987 300 D
2005 CDI European Delivery
2006 CDI Handed down to daughter
2007 GL CDI. Wifes