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On another note if you can afford the E500 of that era you will have a torque monster rocket on your hands. The M113 V8 is probably one of the best engines in the world. The 5 speed and new 7 speed are good transmissions but they do need fluid changed to make it last a while. Benz used to say no fluid changes on the 722.6 5 speed but now they do spec a change. If its been changed regularly and not beat on then the body should go before the transmission. There are little things you'll want to do like this particular plug on the transmission thats about $15.
NOTE: I do not know much about the brakes but a friend who was a dealer tech told me the brakes used to be servo driven and require special tools to take the pressure off before you can work on them. This may or may not be true but I think it is true as I recall hearing about it back then. May not be too expensive to R&R but I have no idea.
Any airmatic issues you should be able to remedy with an aftermarket bag. I recently did an air bag on a GL and it took about 2 hours from start to finish.
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