It sounds like excellent value for the money so long as the repaint is NOT due because of rust and rot, and on the east coast, for a 1989 car that is a big issue right there.

I have just bought a 1967 Mercury Cougar that lived its whole life on the California West Coast, no more than 50 miles from San Jose CA, the last 21 years stored inside a warehouse, and the entire paint, including the factory painted pinstriping, is factory, and looks virtually new.

Just 39k on the clock.

But compared to a 1989 420SEL it is like a horse and buggy by comparison.
It has rear leaf springs and shackles,for instance - how crude is THAT?

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1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ...

1995 E 420, 170k "The Red Plum" (sold)

2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp

1967 Mercury Cougar, 49k

2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold)