1993 Mercedes-Benz 300CE 3.4 AMG Cabriolet

This car, Lot 139, sold for $137,784 (€126,500), including buyer’s premium, at Bonhams Cars’ Brussels, Belgium, sale on May 13, 2023.

When Mercedes-Benz first released the M103 inline 6-cylinder engine for the European market in 1985, it was completely redesigned for greater reliability and ease of servicing, as well as being more tunable. The outgoing M110 6-cylinder was a capable, powerful and somewhat maintenance-intensive 185-horsepower unit with origins in the old M180 introduced way back in 1951. The M103 was, for the most part, a clean-sheet design. Although it was an SOHC engine, its versatile architecture made it possible to develop into a DOHC unit.

In 1989, Mercedes released the R129 300SL. While the base engine for Europe was the M103, an exciting DOHC version of this engine called the M104 was also available. Still at 3 liters but making around 200 hp (depending on emissions regulations), the M104 sported variable valve timing while still being relatively analog. Bosch KE-Jetronic injection was fitted and there were minimal engine-management electronics. It was no surprise that AMG capitalized on this versatile engine, pushing the M103 bottom end up to nearly 3.4 liters, and eventually to 3.6 liters on subsequent M104 versions. This early M104 required little external modification to make 245 hp with stock injection and ignition systems being retained.

Not a drag racer

When the M104 launched, AMG did little to the top end apart from installing more-aggressive cams for a claimed 252 hp. (As a side note, the output sticker on the valve cover states that our subject car makes 200 kw, which is 268 hp.) While 250 horses (or 268, if you believe the sticker) sounds like a lot for the time, the M104 was never a great performer off the line. This is still true with the AMG version.

Quite a few early M104.980 3-liter engines were modified by AMG, especially for the Japanese market. My impression of this engine is that it feels somewhat sluggish until about 3,000 rpm, after which it gains strength. It will easily keep up with modern cars at highway speeds up to 140 mph. This sounds pleasant until you drive a 500E, the be-all, end-all W124 performance car. Even a stock 400E will give this 6-cylinder AMG a run for its money — but I highly doubt our subject car was purchased for its performance enhancements.

When Mercedes fitted the M104 engine with true electronic injection in 1993 (known as HFM-SFI), bottom-end performance was far stronger. Taking a page out of AMG’s book, Mercedes pushed the engine to 3.2 liters. (This is the engine that needs wiring harnesses and throttle actuators.) Thankfully, our subject car started life with the analog M104.980 engine, just like the one used in the 300SL. While it is not a screaming hot rod, it is a reliable, usable W124 that should be easier to maintain and more economical to use than something like a 500E.

Missing manual magic

This is a case where the rarity of the car doesn’t seem to be a huge influence on its market value. If AMG made 100 of these Cabriolets instead of seven, they would still likely be worth $138k. The only attribute that would raise this model’s value is a manual gearbox. Such 5-speed Cabs did exist, but they were extremely rare. One of those seven must be a 5-speed, and if it ever came up for sale, it would likely be a $200k car.

Concerning the claim that seven were built, this number could apply to one of two scenarios: examples that were ordered through a Mercedes dealership or examples built by AMG’s Affalterbach plant. It does not account for cars built through private requests, or especially cars built in Japan. I would not be surprised if at least two dozen more of these cars existed in Japan. That said, having driven the Japanese- and German-market cars, the Japanese versions don’t seem to have as much zip as a German-market version, likely due to more restrictive Japanese emissions regulations at the time.

Expect modest appreciation

In the shadow of the 300CE Hammer that sold for nearly $800k (“Next Gen Profile, November 2022), it is obvious that these “baby AMGs” are receiving some newfound publicity. Examples like our subject car would have been a tough ask at half of the sales price less than 10 years ago, and at certain venues, may have even been harder to sell than a pristine U.S.-market E320 Cabriolet.

Our subject car got its price because of its AMG pedigree, and not because it is a pristine A124 (the code name Mercedes uses for a W124 cabriolet). The market for the A124 has been soft here in the U.S., with few sales over $40k, and even the best cars struggling to find homes at $30k. Therefore, I would not take this sale as a sign of upward movement in the market. However, if you are the owner of a more-obscure pre-merger AMG W124, W201 or W126 and it is in great condition, with clear documentation, this sale is an indication that you own something special.

Our subject car represents the middle of the growing pre-merger AMG market. This middle market came into existence because the 6-liter V8 AMG cars have moved upwards in the marketplace, and this void is being filled by examples such as our subject car. While I wouldn’t expect a 100% increase in values overnight, this example was well bought and will continue to appreciate modestly over the next decade. ♦

(Introductory description courtesy of Bonhams Cars.)