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A 240 w/ a manual tranny is the perfect car for a "reliable beater". It is probably the most durable car Mercedes, or anyone else for that matter, has ever built. It's very simple, easy to work on, parts are mostly cheap and plentiful.
$500 sounds like a good price...maybe you can talk him down because of all the defects you listed? I figure anything that runs and drives is worth $300-$500, even if just for parts!
Does he have any maintenance/repair records at all? That would be a big plus.
Mike
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