Here are my thoughts.

First, as a "performance oriented" driver, I never considered MB until I happened to acquire a 560sel, and once I drove it a few days, I realized I had truly been missing something. These (w126 and quite a few other Benzs) are GREAT cars, and even ratty examples (which mine was) can offer lots of driving enjoyment.

For all used cars, you should plan on spending $1000 to $3000 during the first week to month of ownership on items that the previous owner has been neglecting. I have purchased 5 cars in the last 10 years, all hi quality 5-15 year old European cars, and this has held true with all of them. (In most cases, the po thought the cars "needed nothing", as they were willing to live with stuff that I wasn't...)

Recently, I upgraded to a 500sel (1992), and while this is a very different car from the 126, given that they (92-95 w140 cars) are starting to be seen for under $10,000, maybe this is a better choice?

Bottom line is that if you are buying a $50-$90k car for under $10,000, you need to plan on spending some additional money to maintain and fix it. This can be done DIY, but the trick is finding a good source of parts (like Fastlane or (anything but a dealer)), and finding a good independant shop that will work with you on the repairs you can't swing yourself.

Also, if it weren't for this forum, there is no way I could afford to keep these cars. I regularly get guidance that saves me hundreds if not thousands (like my recent tranny - dealer quoted $4500, got it for $1200) of dollars.

-David
92 500sel (so cool)
86 560sel (dead)
85 535i (for sale, really nice, $2900)
93 ZX11 (too fast, can't hear the radio...)