The fortunes of the 2.3-16 are on the rise. Limited production, enthusiast appeal and rock bottom prices have drawn the attention of many. There aren't many "great quality" examples still existing, since these cars required above average maintenance. As subsequent buyers took them, they typically got thrashed and not kept to spec.
Therefore, it's crucial in evaluating any 16 valve to get it inspected by a shop that is familiar with this vintage. Having shim adjusted valves, a very picky intake system, self leveling rear suspension and other unique pieces, it has to be done in addition to all the other W201 issues (A/C, front and rear suspension bushings, rust locations, vacuum elements).
Prices for these cars have ranged wildly due to the condition they find themselves in. A project car can probably be found for $3K, a running "needs some work" model is anywhere from $3-4K, and "used, but not abused" ones going for $5-6K.
Beyond that, the car needs to be something special. Single owner, well maintained, low miles (which in itself, without maintenance, may be a negative), showroom condition.
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