The 90-91 300SE is about the cheapest of the old S-classes to maintain and run, but not by much.

If you're dead set on getting an older S class (be prepared to spend some money) I'd go with one with an M103 motor and not one of the V-8s. The V8s are wonderful motors (most of them, there were some lemons) but the added fuel expense isn't good for a college budget. The M103 motor is a stout little beast with a solid bottom end. Apart from the oil leakage issues you will have to fix, and a head re-do, you will get lots of miles out of it. Unless you ran it dry, you could easily expect 200K miles probably much more.

If you spend around $3K for the car, and another $3k fixing all the age related issues such as the suspension, the head gasket, and stuff like power window switches and sliding jaws, then you'll have a damn nice car for the money.

When I bought my '90 300SE I paid $3500 and I fully anticipated spending at least $2K to get it back to roadworthy. As such, I have been quite happy with my purchase. But if I had thought that the $3500 was going to be all I was spending, I would be very disappointed.

Bottom line is - if you buy a used MB (or any car for that matter) you must factor in repair expenses into your purchase price. When you buy a used car, you are also buying problems and problems take money to fix. I would think that $2K is a good minimum number for making an old 126 road worthy again. As for a 140, they are wonderful cars but the electronics can be infuriating. I've never owned one, but I've helped a friend out more than once. He has spent way more keeping up his 140 than I have keeping up my 126, and my 126 has more miles.

Having said all that, if I had say, $10K to spend, I could get a far better car by totally re-doing a 126 back to factory spec than anything I could get for $10K on the used market. One just has to be willing to spend the time and money to do so.

-tp