I’m still suffering from the aftereffects of losing nearly $25,000 on our 1972 Mercedes-Benz 250C.
As the memory of the money-pit debacle recedes in the distance, I’ve developed a new perspective.
First, I bought the wrong model. The man who bought it from me told me how he had looked up 250C sale prices on BaT, and that “good ones” (not unicorn low-milers but decent-running cars) were topping out in the mid $20k range, and he decided that was his upper limit.
When I bought the car, I paid $18k. A friend drove it home from Los Angeles to Portland. It had good paint and interior and had been converted to R134 air conditioning. I had looked at several and this was a gem compared to the $14k fright pigs.
I indulged in all my W114 fantasies. Euro headlights, dry-ice treatment to make the engine look new, transistorized ignition and more. The $5,000 cherries on the top were the Weber carb setup and the swap to a high-speed rear end from a 300D.
I had built myself the ultimate W114. But to what end? This would never be a long-term keeper, and it would get driven only a few thousand miles a year.
If I were to do this all over again, I would take a tranquilizer (or at least look at top-of-the-market prices of W114s) before I started.
I would have just had the Solexes rebuilt by a local guru, replaced the front shocks with those from a 560SL, and stopped right there. Yes, it would have been a bit buzzy on the freeway, but who cares? Yes, it would have been down on power, but again, who cares? Yes, it would have had U.S. headlights but…
With $20k more in my pocket, I would have still had a classy fun car for quick trips to the beach and back. I’ve learned a lesson here the hard way, and it’s one I won’t soon forget: Just learn when to say no to “improving” your classic and learn to live with it as it is.
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“Whenever I feel the the urge to [insert folly here], I go into the bathroom and flush $100 bills until it passes.”
Sometimes, we have to learn the hard way, even if it’s a refresher class. If it’s any consolation, $20K won’t buy you a semester at most colleges and you’ve probably learned more with this project. Thanks for pointing out the clearer path for the rest of us.
With MBs, it’s all about the specific model that you buy. It was an expensive lesson, as you say.
Unfortunately the W114/115 intermediate chassis (coupes and sedans) are not that desirable to collectors, though they do have a modest following. The higher-end S-class models are much more desirable and collectable, especially the coupes and particularly the coupes with 3.5L V-8 engines. The V-8 sedans (3.5 and 4.5) are modestly better, too, but are more common and less valuable. I won’t even “go there” as to the S-class cabriolets.
There are two (actually three) rules of thumb with oldtimer and youngtimer Mercedes-Benz models:
1) Always buy the range-topper model. For MBs, this means the S-class, the SL-class, coupes, cabriolets, V-8 engines if available. Lower-end and sedan models are generally not nearly as desirable as range-topping models.
2) Pay the money and buy the best you can up front. Your ownership experience will be much happier when you buy a car that SOMEONE ELSE has spent the money to fix up. I realize in this case, this may not have been possible due to the limited number of these cars for sale, and the middling condition of most of them. That should lead you back to point #1 above.
3) BONUS RULE OF THUMB: Use the MB Deferred Maintenance Rules of Thumb. The below figures are for an experienced MB restoration specialist in terms of labor and parts costs. DIY labor/discounted factory parts … halve the numbers below.
For “young-timer” models from model year 1980-2000:
3a) If the car has less than 100,000 miles on it, it is carrying / expect to pay $20,000 of deferred maintenance
3b) 100,000-150,000 miles = $25,000-$35,000 of deferred maintenance
3c) 150,000-200,000 miles = $35,000-$40,000 of deferred maintenance
3d) >200,000 miles = $50,000+ of deferred maintenance
For “oldtimer” models — DOUBLE THE ABOVE FIGURES
For 300SEL 6.3 and 450SEL 6.9 models — multiply all pedestrian models’ parts costs by either 6.3 or 6.9
For Grand 600 models — quadruple the above figures
There are some exceptions to Gerry’s rules. Euro only models, even if not top of the line, often grab higher prices as do manual transmissions (I know, those are out for you now). Thin bumper, square headlight, 6-cylinder, manual transmission R107 Mercedes SLs often get higher prices than the US models with V8, automatic, power locks, etc. Plus, euro tuning (and lack of cats) makes the performance about equal. Rarity seems to trump all (sometimes at least).
I have found that the passage of time helps heal the wounds to the wallet when bringing an older vehicle up to snuff. If I have a big expense on a particular car, I just hold on to it for longer. And I pace myself on the improvement projects – not all at once. “A rising tide lifts all boats” – eventually the market will catch up. Attrition, over time, weeds out remaining examples of a particular marque, increasing rarity and (hopefully) value.
Keith, you quite simply bought the wrong model M-B. You opened with this line so you understand. After 55 years in this hobby I bought the wrong car on a number of occasions. For me it’s been a great ride and the good far exceeds the bad.
Cheers!
Owning a classic car, no matter what the make or model, makes me happy regardless (within reason) of the cost. This is why we have them. That and a good glass of bourbon always helps! 🙂
I quit buying classic Mercedes in 1972, after finding out how expensive sodium filled exhaust valves were for an early 220 sedan.
Ah Keith. I feel your pain because I have experienced it so often myself. With every used vehicle purchase I find it impossible to quell an internal desire to make the car the best it can be. I need to work out its mechanical bugs, to make it look cosmetically new, and to upgrade its various various parts and systems in an effort to create something better than what rolled out of the factory. However, when I’m done, I all too often lose interest in the car. It turns out that my satisfaction comes from taking the journey, not arriving at the destination. The problem, as you have discovered, is that this quest for perfection (however you define it) inevitably leaves you upside down when it comes time to sell. So you take your financial licks and after a short mourning period start looking for your next challenge (money pit). My wife calls it an addiction, and I suspect she is right. Those of us afflicted are always on the hunt for our next automotive fix. Hopefully yours won’t cost you as much as the Mercedes just did, but based on my experience the odds of coming out on top financially are somewhere between slim and none!
I also enjoy making my latest project the best mechanically and cosmetically that I can. I KNOW I’m not going to get my money back when I sell it. This is a hobby, not a business for me. I usually move on to a new project after three years. As long as it sells at what the current market price for that model I’m fine with that. Once in a while (OK, once) I actually got more than I had in it. Just pure luck that Porsche collectors decided they needed a 928GTS for their collections during the time a had that one and the prices went way up. Can’t say the same for the 968 I just sold but I enjoyed the journey and the interaction with folks on the forums. Now, as I’m about to turn 80, it’s on to my “new” 911 project.
Keith,
I’m a subscriber since 2005, and it still took me until only recently to learn the lesson. I’m underwater on a great car with a great design and interesting features that I’ve had for several years, but that in my estimation gets little respect in the marketplace. Examples abound: I saw several at BJ this past weekend. One was pristine, and it went for $30k… which is, obviously, less than I have in mine. And mine is not as nice…Dang it. I agree re: be careful with upgrades; don’t go mad under the red mist.
Nonetheless, it’s a bunch of fun to drive and it always gets positive comments, so, I guess I’m ok…
“Take a tranquilizer…” Now, that’s funny! Yep, most of us car nuts suffer from some form of CMS (Car Mod Syndrome) or CSM (Can’t Stop Modifying), to the detriment of both our bank account and domestic tranquility. It’s one thing to fix or replace stuff that really needs fixing or replacing (with maybe an appropriate safety or drivability upgrade here or there), but otherwise I agree, leave ’em be.
“T’was love that blinded me to its frailties,
And love that led me down its blind alleys.
When I awoke from my latest obsession,
I promised ‘Never Again’ to all who would hear.
But then a perusal of SCM and BaT brought a sparkle to my eye.
And before I knew, A new beauty was on its way here.”
We love our cars and are better for it in the end, as long as we occasionally come to our senses.
Regards,
Gary
Keith, you should have read The Illustrated Mercedes-Benz Buyer’s Guide by that guy from Colorado who used to edit The Star. I know for a fact that he invested a truckload of money into properly restoring a ’59 220SE sedan that looked fantastic but later sold for way less on BringATrailer!
I’m not rich – never was/never will be.
I’ve spent a lot of money over the years restoring classic cars and Harleys, and lost money on every one when I sold them.
I lost sleep over none of them. Money is merely a means to an end. I had far more fun spending the money and fixing the vehicles. If I hadn’t spent the money I’d be retired by now.
And…I would do it all over again with no regrets.
I still think that Mercedes was a REALLY nice car. I don’t care if it is “desirable” or not!