Check the valve cover gaskets on your M116. They tend to work their way loose after a while, even with properly torqued bolts. When these gaskets seep, the oil lands right onto the exhaust manifolds and produces that characteristic "burnt oil" smell.

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08 W251 R350
97 W210 E320
91 W124 300E
86 W126 560SEL
85 W126 380SE Silver
85 W126 380SE Cranberry
79 W123 250
78 W123 280E
75 W114 280