I'm trying to save a 1970 220D. A bit of history: the car has been in my extended family since 1972. The engine was rebuilt in 2001, after which my father drove it for about a year. In 2002 he parked it under the barn and didn't drive it anymore. I 'rescued' the car just under a year ago. I had the belts replaced, the fuel line replaced and the oil changed. I've been tinkering with it myself since that time, replacing or repairing whatever I could and using it as my commuter car (short commute). It drives pretty well. Has some rust, but nothing too bad.

I noticed that the brakes sounded and felt strange last Friday, so I took it into a shop that was recommended by others on this board (hard to find anyone to look at it, actually) on Tuesday (didn't drive it over the weekend). The mechanic says the passenger side rear bake caliper is stuck (it is - he showed me). He says I should replace the rear brakes on both sides - new rotors, calipers, pads and fluid. That makes sense to me(tell me if it shouldn't!). The issue is that he says it will run me $1,500 to do so. That sounds incredibly high to me. I priced the parts, and I can get everything for ~$500. I've never replaced brakes before, so I don't know how hard it is, but posts on this board make it sound relatively easy. Even if I don't do the job myself, I'm inclined to buy the parts and take it to a neighborhood shop (not MB specialists) to have them install everything. So, what should I do? (A) pay $1,500 to have it done by a MB pro, (B) buy the parts and do it myself, (C) buy the parts and have my neighborhood shop replace the brakes, or (D) give up on the car (I'm not inclinded to do so).

I also had the mechanic check out the car to see what else did / would need fixing (so I could settle on a fair price to buy the car from my father). The mechanic tells me I need a new alternator, to the tune of $1,020. He mentioned that he might be able to use a different, less expensive alternator, dropping the price to $720. Either way that sounds like an insanely high price. I found alternators listed for this car for $100, while this shop lists the price for one as $480 (for the $1000 job). Am I missing something? Assuming a labor rate of $100/hour, does it really take 5 hours to swap out an alternator? And why is there such a large difference in price for the alternators?

Also, I don't know if I actually need a new alternator. I replaced the battery back in Jan / Feb, and have been driving the car ever since w/o any electrical problems. The mechanic says I can tell I need a new alternator because the "generator" light on the control panel inside the car lights up when I start it and drive. That's true to a degree. When I'm sitting at idle the generator light frequently blinks on and off, or sometimes even stays on for 10-30 secs at a time. Once I get going the light never comes on. The battery hasn't been drained in the several months since I replaced the old one. Wouldn't the battery be shot by now if the alternator wasn't working?

I also just had the V/C gasket replaced and the fuel lines going to the injectors replaced (for $290), so I would strongly prefer to keep hope alive and hear that this car is worth saving. But if its not, please tell me.

Many, many thanks in advance.