Yea, I think I would pass on this one...there are thousands of W126's out there that are in great condition. My 300SEL was $2k, and it didn't have any drivability problems, AC worked, etc, etc.

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Current cars:
2000 ML55 AMG, 174k miles
2003 C240 T-Modell, 202k miles
1995 S320, 207k Miles