Thank you all again for your feedback so far. A couple more things I've noticed:

* Quite a bit of water is leaking into the trunk! Apparently through the tailgate's lower left corner. Is this another known issue, with a known solution?

* Contrary to the 300SE, the E320 doesn't stand still in slopes without breaking. Is this abnormal or a simplified design?

* More rust surprises: The front sway bars are covered with surface rust: Anything to worry about?

* The additional storage / console under the armrest doesn't close locked. This is the sliding "accordeon" wood trim. Is this yet another known issue, with a known solution too?

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1991 W126 300SE (M103)
1995 W124 E320 Wagon (M104)