I now have 177k on my "98 E320 and going for 200k. Things to check:
1) Crank position sensor
2) Harmonic balancer
3) Spring perches for rust
If it has proper service records it should be a good car and $7K sounds about right.

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Donwo
1999 SL 500 Sport (30K miles)
1998 E320 (SOLD)
1989 560SL (SOLD)
1987 300E (TOTALED)
1986 300E (SOLD)
1984 300SD (SOLD)