I purchased my 1992 300E used with 120,000 miles. If you can not personally perform major mechanical work on this car, be prepared to pay massive repair bills. Also be prepared to love this car with all your heart. It is a smooth riding, classy, wonderful automobile. You will treat her like a dysfunctional child who grows up and needs all kinds of financial support. Because it's your kid, you'll pay the money because you will fall in love with the car. I have put over $10k restoring the car and it doesn't bother me a bit because nothing drives like it/looks like it/runs like it. You can't kill it but you will spend $$$$$ keeping her going. For me...that's okay....for now.
Incredibly smooth ride. Tight steering and handling. Quite interior. Excellent curb appeal. She's a classy old princess...to be sure.
Be sure to put Michelin Pilot Exalto A/S 205/60R15 on your 15 inch rims. The best tire I've ever driven on this car. The car performs better if she's driven/driven/driven. And don't worry about a few oil drops on the garage floor...it's par for the course.