Since 1954, the Mercedes-Benz SL has built its legacy largely through popular culture. Think of Clark Gable and his 1955 300SL Gullwing or Hugh Hefner’s 1959 300SL Roadster. John Lennon owned a 1965 W113 “Pagoda” 230SL, and the R107 was given a starring role in countless 1970s–80s movies and television shows, including “Beverly Hills Cop” with Eddie Murphy. The 1990–2002 R129 SL continued to seek the limelight, even prompting Princess Diana to trade in her Jaguar XJS for a 1992 500SL in Almadin Red. These were distinguished and expensive cars that were purchased by the world’s rich and famous when they […]
Since 1954, the Mercedes-Benz SL has built its legacy largely through popular culture. Think of Clark Gable and his 1955 300SL Gullwing or Hugh Hefner’s 1959 300SL Roadster. John Lennon owned a 1965 W113 “Pagoda” 230SL, and the R107 was given a starring role in countless 1970s–80s movies and television shows, including “Beverly Hills Cop” with Eddie Murphy.
The 1990–2002 R129 SL continued to seek the limelight, even prompting Princess Diana to trade in her Jaguar XJS for a 1992 500SL in Almadin Red. These were distinguished and expensive cars that were purchased by the world’s rich and famous when they were new. Adjusted for inflation, the $83k base price for a 500SL in 1990 is $210k today. Through the magic of depreciation, you can now bask in the splendor of SL ownership for pennies on the dollar.
A (three-pointed) star is born
Pop culture aside, the R129 SL was a groundbreaking car when it arrived for the 1990 model year. Based on a reinforced W124 sedan chassis, the new SL had a soft top that could be retracted and stowed in 20 seconds at the push of a button, a stunning accomplishment 35 years ago. Moreover, a spring-loaded roll bar could pop up in a split-second if the car’s electronics detected a possible roll-over accident. Further, the strong magnesium-framed seats won awards for their patented safety features, including an integrated height-adjustable shoulder harness. Bruno Sacco, Mercedes’ design chief from 1974 to ’99, called the R129 “the most perfect car of my career.”
At U.S. launch, the R129 SL was available with two engine options: a 228-horsepower DOHC 3.0-liter inline-6 in the 300SL or a 315-hp DOHC 5.0-liter V8 in the 500SL. Both were offered with a 4-speed automatic transmission, which suited the relaxed driving experience well. Three-pedal purists were rewarded with an available 5-speed manual for the 300SL that wasn’t offered in the V8-powered car. As expected, few U.S. buyers chose it.
The 600SL became available for the 1993 model year with a DOHC 6.0-liter V12 from the flagship S-Class sedan. Developing 389 hp and 420 lb-ft of torque, the 600SL could threaten Porsches and Ferraris at stoplights with a 0–60-mph sprint of 5.5 seconds, about a second quicker than the V8 version. A combination of the big 12’s velvety smoothness and top-shelf trim convinced thousands of wealthy buyers to cough up an extra $25k.
Mid-life makeover
The R129 was treated to a significant refresh for 1996. Front and rear bumpers were smoothed over, and front fender vents were changed from three straight-edge openings to two rounded ones. Xenon headlights were now optional (halogens were standard), and a new stereo interface replaced the original. A new electronically controlled 5-speed automatic replaced the hydraulically controlled unit, resulting in smarter shifts. At the same time, Mercedes reversed its naming convention to SL500 and replaced the 300SL with the 3.2-liter SL320.
Two popular option packages debuted for 1996. Package SL1 consisted of an exterior Sport styling package, designed by Mercedes tuner AMG, which was still three years away from becoming an official part of the brand. Unique front and rear bumpers, side skirts and 18-inch Monoblock alloy wheels were included, with the front fenders being rolled slightly by the factory for clearance. The SL2 package included Xenon headlights and heated seats. A trunk-mounted six-disc CD changer was now optional as well, and for the 1997 model year, climate controls were updated to a more-modern design.
In 1998, Mercedes merged with Chrysler, and a year later some cost-cutting measures reached the now-aged R129 lineup. For one, the M119 twin-cam V8 was replaced by the single-cam M113. Power dropped to 302 hp, and while the M113 could make a case for being simpler to maintain, it lacked the mechanical sophistication and motorsports pedigree of its predecessor.
For the 2000–02 model years, the AMG Sport body trim became standard across the line, and the chunky Monoblock wheels were swapped for a thinner five-spoke design. The interior had subtle changes, with a new steering wheel and the oil-pressure gauge exchanged for oil temperature. By the end of 2002, the R129 made way for the new R230 SL, ushering in a new era of styling and complexity.
Buyer beware
Every SL from this generation was an expensive car packed with luxury features. That means there’s a lot that can go wrong. With the newest R129s now being 23 years old, you’ll want a receipt showing replacement of all 13 hydraulic-top actuating cylinders for around $3k — they all leak fluid eventually. Cars built from 1992 to ’95 have biodegradable wiring harnesses, so check for inevitable replacement on these model years.
Oil-pan, valve-cover and transmission-pan gaskets are all likely weeping if they haven’t been replaced, and electronic transmission controllers in later cars tend to fail — a $1,500 repair. Also, these are heavy cars at over two tons of curb weight, so suspension dampers and bushings will be getting tired, especially on higher-mileage cars. Optional ADS active suspension (standard on V12 cars) can be even more problematic. As you’d expect, 12-cylinder maintenance generally costs multiples of what 6- and 8-cylinder examples do.
Which to buy, what to pay
Which to buy? All R129s have the potential to be a great daily driver, even 35 years after launch. Unless you prefer the original styling, the pick of the litter falls to the 1996–98 models. The revised transmission and updated climate controls (1997–on) are significant improvements, while the M119 twin-cam V8 is retained in SL500 versions. Desirable options include the panoramic hard top with a tinted-glass roof, the SL1 AMG Sport package, SL2 convenience package and interesting exterior colors (not black, white or silver). We’d recommend choosing a V8-powered car for its balance of reliability and power, with 6-cylinder cars generally costing a little less to buy and 12-cylinder cars only slightly more.
You can buy an SL500 for less than $10k, but there’s nothing more expensive than a cheap Mercedes. Best to start looking in the low-to-mid teens for a condition-3 driver, or the low-to-mid-$20k range for a lower-miles or higher-options V8 car. Low-miles, show-quality examples are typically $30k–$50k, but exceptions are out there. SCM contributor Philip Richter recently sold his 187-mile 2001 SL600 for $193,500 on Bring a Trailer. Pre-merger AMG examples can bring nearly half a million bucks — well beyond “affordable.” We advise paying more attention to condition and service history than mileage. While a car that’s been driven regularly and cared for can be a reliable and almost frugal driver, a neglected car could quickly double your purchase price in deferred service costs. The M119 V8 in particular can last over 300,000 miles with proper maintenance.
The R129 SL is an undervalued and affordable luxury convertible, though interest and prices have been ticking upwards since bottoming out several years ago. If you’ve always wanted one, you should take action soon. The SL family lineage shows that good R129s likely won’t be getting any cheaper.