where the Guide Rod connects to the track rod mount, the boot is split open and worn. Is this something I should be concerned about?

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As long as the unit is still tight I wouldn't worry about it, no knocking from it when hitting bumps or worn tires?

Water and dirt getting in will certainly not help matters any though, especially if you live in the salt belt, just keep an eye on it.

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Chas

Had a 380SL, 450SL, 380SEL, 420SEL, 500SEL

Got a Euro 500SEC right now.