I had a 2.8 for ten years. It's a good car. I have never heard of one that did not need wiring harness and head gasket before the age and miles of this car.

The engine light indicates a problem and it needs to be fixed. This car is too old to have obdII, rather it has the DM with the blinking light under the hood. You count the flashes to determine the problems. That it even has an engine light indicates it is California emissions, the 49 state cars did not even have an engine light!

It is a single model year car in the US is not an issue, the engine is a smaller variant of the m104 used in the E320. Many of the parts are the same between the larger and smaller engines.

I think it is priced at double what it is worth. I sold my nicer one two years ago for $1500. The advert can still be found in the for sale section here.