No, you are not nutso.

Basically, when I have looked at and/or bought these cars, I have found that the "book" value is good to determine what something that will need some work is worth. Sounds like the one you are considering falls into this category.

When you look at a 123 with full documentation, and no major issues, and a very good body, that is when the "book" values seem to be irrelevant.

Of course, ANY car you buy is going to need something, that is just the fact of buying any car that is not right from the factory, whether it is 3 years or 23 years old.

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94 E320
71 350SL