1992 Mercedes-Benz 500E

Highlights of this 500E:

• It is well-documented with a copy of the window sticker a binder of service records going back to new (other than a hole from 2005-2006)
• It is complete, correct, and basically unmodified, including tool roll with tools, original Becker radio and CD changer, car phone, complete books set in holder including stamped service book, records, and window sticker
• Nearly everything works, which is hard to find in a 500E as things like window regulators, power locks, sunshades, sunroofs etc. fail over time and are expensive and overwhelming to put right when a laundry list of inoperative accessories accumulates
• Mileage, which is relatively low, especially for a W124, and neatly splits the difference between expensive low mileage cars and the worn/neglected character of most higher mileage cars
• Condition, which is very nice for the mileage, with usual road wear, but an excellent original interior, straight and solid body
• Colors, the majority of 500Es were finished in DB199 blauschwarz (black pearl metallic in English), making the timeless silver on black combination somewhat unusual, although not as unusual as some very rare colors like nautical blue, mother of pearl, spruce green, signal red etc.

Chances are you know exactly what a 500E is because you’re reading this. In summary, they were built at Porsche’s Rossle Bau factory, the same facility at which the 959 and Audi RS2 were built, to give Mercedes-Benz a reaction (if not direct competitor) to BMW’s M5 by combining R129 500SL running gear with a modified W124 300E body shell. Never as dynamically pure as the M5, the 500E (internally designated W124.036) instead excelled with its huge torque, more luxurious equipment and finishes, fantastic high-speed roadholding, and legendary build quality to provide a car that was both refined and at the time, indecently fast in both a straight line and around corners.

The contemporary reaction of the press to the car is extremely telling. It is easy to forget how common such cars are today, with offerings that use this formula from every major auto maker. But at the time, if you wanted a sedan that was fast, luxurious, and sporting, the only other credible option in the US was an M5, or perhaps an Audi S4. Consequently, W124.036 sort of blew the press’ mind because, unlike today, it simply was not routine to find sedans that could sprint to 60mph in damn near the same amount of time as a contemporary 911. There is a whole raft of excellent quotes about the 500E, particularly from the April 1992 issue of Automobile (find and buy a copy on eBay if you are into these cars or you can read it electronically here), including:

• “I was going down the autobahn toward Geneva in the 500E, and I was thinking about my friends who are always telling me how great it must be to work at a car magazine and then asking which car is the best I’ve ever driven. And I thought: This is it. This is the best car in the world. This is the reason I work at a car magazine.”
• “The 500E’s ability to deliver speed and comfort with complete safety makes it a standard by which we will measure all automobiles.”
• “It’s expensive, exclusive, and more than a little unreal, but it makes you believe once again in the ability of Mercedes to make the ultimate automobile.”
• “Ah, the speed, the incredible speed. We are utterly intoxicated by the 500E’s speed. We are besotted by it, unmanned, and unwomaned by it.”
• “It is important that prospective 500E drivers have impeccable credentials as adults. The car is so quick, so eager, so agile, that it makes immature people drive like idiots. We all fell into that latter category. Example: Early evening, medium traffic, good visibility. I’m minding my own business in the right-hand lane with the cruise control set at 80 mph. Another idiot blasts past in a 5.0 Mustang, and all self-discipline vanishes. I’m on him like a leopard on a tethered goat. He tries to hold me off, but he hasn’t a prayer. A small hole opens, I give the Mercedes one more squirt, and the Mustang disappears in my mirror, its headlights getting closer together as though I were watching through the wrong end of a telescope. At three in the morning, in bed, staring back at the darkness, I squirm uncomfortably and accuse myself: “Idiot! You know better than that! You could be in jail right now!”

Almost universally, the primary complaint was the price. The original US price around $85,000 meant buyers really had to “get” the point of this car, especially against an E34 M5 at around $65,000. Nevertheless, a bit more than 1500 E500Es (as enthusiasts refer to them to include both the 1992-93 500E and facelifted 1994 E500) were sold in the United States, with many sharing garages with a host of exotic cars, having been purchased by connoisseurs as suitably exciting day-to-day transport to keep miles off the Porsche, Ferrari, or whatever else.

Consequently, many E500Es racked up intergalactic mileage in excess of 300,000, which both serves as a testament to their durability (when properly maintained) and makes a properly kept 100,000 mile example surprisingly difficult to find. Certainly there are low mileage leaders to be had as well, and in my opinion, this car neatly splits the difference between a very low mileage pristine original car whose value decreases with each passing mile, and a clapped out and neglected example that has covered enough miles to take it to the moon (which is 243,000 miles, look it up). The same holds true of prices as well, with unusually low mileage cars exceeding twice the price of a tidy 100,000 mile example.

This car

The car was sold new to William Steitz, the CEO of an industrial manufacturing construction contractor (Sauer Holdings) on 17 June 1992 by Benson Motor Cars Limited in Annapolis, Maryland. It is fitted with both options that were available on the 500E, the Becker 10 disc CD changer and the integrated car phone, although neither appears on the window sticker, likely because these options were always dealer-fitted. The window sticker indicates an original price of $82,150.00 and the car remained with Steitz in Pittsburgh, Pennsylvania for over ten years, when he sold it with 77,000 miles to its second owner in October 2002.

Its second owner, Joe Cousins of Mars, Pennsylvania, was the president of a manufacturing equipment company (Bock Workholding) and kept the car until July of 2004, when he sold it to an owner in Texas. He retained the car for about 18 months before selling it to an owner in Portland, Oregon. That owner kept the car until February of 2007 at 91,000 miles, when he sold it to its next owner just across the state border in Vancouver, Washington. He kept the car until I purchased it in September of 2014 and the car has full service history with invoices other than for the period from 2005 to 2006. Additionally, the service stamps in the maintenance book are present up to 82,500 miles, showing fastidious regular services.

I bought this car because I have always wanted a 500E. As someone who grew up in the early 90s reading car magazines, I couldn’t help but be captivated by the glowing reviews of journalists. And those fender flares. What a cool car. It was especially appealing to me because I was always a Porsche guy, so what could be cooler than a Porsche sedan (before such a thing actually existed)? I love the details and styling of the car, and the quality is both extraordinary and totally different from what you encounter in today’s cars.

I was not looking for a 500E when I bought this car, which in part is why it’s for sale. I have several Porsches (ranging from a 1965 912 to a 930 and a 964RS clone, and a couple others) and like most car nuts, I have a “car problem” that manifests itself as a storage shortage. One of my pastimes appears to be buying a car somewhere that’s a suitable road trip distance away, and driving it back to San Francisco. Over the years, I have done so with an E38 740i Sport (Tucson, AZ), L322 Range Rover (Los Angeles, CA), G50 Porsche Carrera 3.2 Coupe (Seattle, WA), E-Type Roadster (Camas, WA), and did so with this car, which came from Vancouver, WA. I took the coastal route back to San Francisco, spending the night in Long Beach, Washington, Lincoln City, Oregon, and Brookings, Oregon.

Ultimately, I bought this car for a number of reasons, including:

• It is well-documented with a copy of the window sticker, very complete books set, and a binder of service records going back to new (other than a hole from 2005-2006)
• It is complete, correct, and basically unmodified, including tool roll with tools, original Becker radio and CD changer, car phone, complete books set in holder including stamped service book, records, and window sticker
• Nearly everything works, which is hard to find in a 500E as things like window regulators, power locks, sunshades, sunroofs etc. fail over time and are expensive and overwhelming to put right when a laundry list of inoperative accessories accumulates
• Mileage, which is relatively low, especially for a W124, and splits the difference between expensive low mileage cars and the worn/neglected character of most higher mileage cars
• Condition, which is very nice for the mileage, with usual road wear, but an excellent original interior, straight and solid body
• Colors, the majority of 500Es were finished in DB199 blauschwarz (black pearl metallic in English), making the timeless silver on black combination (which matches my 964 Carrera 2) somewhat unusual, although not as unusual as some very rare colors like nautical blue, mother of pearl, spruce green, signal red etc.

Maintenance

Maintenance is critically important with a 500E, and it is a common sentiment that the average 500E will have at least $5000 in deferred maintenance to contend with, and I can vouch for that! In fact, I have spent over $10,000 on the car (almost exclusively mechanical work) since buying it in September 2014. Naturally the invoices are included but you’ll find a summary below:

With the previous owner:

• Trans cooler hose, rad hoses, thermostat, upper wiring harness ($1424.56, 91,671 miles)
• New battery (99,694 miles)
• Install new thermostat, new spark plugs, cleaned fuel injectors, ($812.19, 100,384 miles)
• New radiator and coolant bypass hose ($1155.96, 101,479 miles)

Since I bought the car in September 2014:

• Source and install missing plastic front engine cover
• Source and install good mirror boots (originals were cracked, a common W124 issue)
• Source and install correct first aid kit
• Source and install correct amber front turn signal lenses (came with clear front corners)
• New SLS rear shocks, replace timing chain rails, timing chain, tensioner, spark plugs, distributor caps and rotors, power steering hose from tank to pump, change oil and filter, lube steering bushing and shaft, change transmission fluid and filter, replace rear suspension accumulators, tighten loose handbrake cable ($5318.10, 103,005 miles)
• Install four new brake rotors and pads ($889.45 103,403 miles)
• Purchase staggered 18” AMG monoblock wheels, chemically strip, refinish with polished lips, install new Michelin Pilot Super Sport tires ($2462.00)
• I also detailed the car comprehensively, including treating the already very nice leather with Leatherique prestine clean and rejuvenator oil, a fantastic pair of products if you’ve not tried it.

These are the only functional issues I’m aware of: the exterior temperature gauge doesn’t usually read correctly, the fuel gauge reads correctly only about 70% of the time, the AC doesn’t blow cold although it blew cold when I bought the car so there’s probably a leak somewhere in the system.

Otherwise, I believe everything works. This includes the following:

• Vanity mirror lights
• Seats including memory function
• Power steering column adjustment
• Cruise control
• All windows
• Sunroof in all modes
• Power mirror (right side only)
• Map lights
• 12V power supply
• Central locking including trunk
• Rear sunshade
• Rear headrests

My total expenditure on the car since purchasing it for $10,800.00, not including $1213.18 in expenses of the trip up to get it, are $10,265.75. Any car enthusiast will tell you that you’ll never recover the money you spend on a car, and I certainly don’t expect to, but now you can share the depressing (for me) quantification of the joy of E500E ownership that I have experienced! And benefit from the dollars I’ve spent too, presumably.

Condition

Cosmetically the exterior of the car makes a great impression, with an excellent body and glossy paint with no clearcoat issues. Based on the condition, I’m fairly certain the car has been garaged for most of its life, and certainly it has been for the last 8 years. The front deck lid was repainted at some point and therefore has fewer chips than expected of a car with this mileage. The leading edges of the front and rear fender flares have typical light to moderate road rash from being driven. There are a few chips around the car that have been touched up, but nothing major or worth redoing on a driver level car. The biggest cosmetic issue is a crack in the front spoiler near the right fog lamp. The lights are generally excellent, although the headlamp surrounds have some crazing. The front turn signal lenses are new (the car came with clear lenses which I removed but are included if the new owner wants them). The glass is very good to excellent, with a small area of delamination on the rear windscreen and some wear to the front windscreen, which appears to be original to the car because it still has the “A Daimler-Benz Product” Gottlieb Daimler signature sticker. The body is straight and the gaps are consistent and even. All panels operate properly and the door shut noise of these cars fantastic. The rubber trim is in good shape and has been regularly protected with Aerospace 303 (a superb product if you’ve not heard of it) as reported by the previous owner and continued by me.

The interior is one of the best parts of this car, and its condition supports my suspicion that the car has been garaged for most if not all of its life. The leather is excellent, with only the lightest of wear on the driver’s seat back bolster. It remains supple, even in vulnerable areas such as the rear headrests, which usually lie horizontally on the parcel shelf and are therefore vulnerable to sun damage on cars that spend a lot of time in the sun. The carpets are also excellent as is the dashboard, which is free of cracking, warping, or any other issues. The switches and instruments are excellent and unmodified, as is the rest of the interior, down to the original Becker stereo. A wood shift knob has been fitted. The factory car phone is in place and turns on (“no service”). It even beeps through the speakers when you first turn the car on, which was a total throwback sound to me from a car my mom had when I was a child. The wood is very good overall with one small hairline crack on the front center console between two of the window switches. The rear center console also has some cracking on the front portion though the veneered roller lids are free of cracks. The wood door filets and dash trim are excellent, as are the door panels themselves. The first aid kit is in place in the compartment on the parcel shelf. The headliner is sagging at the rear only and there is a small cut above the left rear passenger’s grab handle. The trunk is in excellent shape with no wear or issues of significance. The original 16” spare wheel is in place in the trunk, along with the tool roll and Becker 10 CD autochanger.

The engine compartment is very clean for a driver level car. I have noted no modifications and everything seems to be in order to my eye, bearing in mind that I’m not a mechanic. The chassis plate is painted to match the car as it should be and the foam intake tubes that go to the plenum are showing their age, as they often do in these cars. The structural elements of the undercarriage are in excellent shape while some mechanical components have surface rust on them.

Driving

The car is a pleasure to drive. It is certainly quick, although the transmission is dim-witted by modern standards, and it doesn’t have 500hp like a modern AMG product. But that’s not the point. Compared to contemporary cars, it’s a revelation. The part of the car that most consistently impresses me is probably the chassis. The car is extremely composed when cornering, and the limits are impressively high for a chassis design of this age. The grip and lack of roll are impressive, and the car can easily be hustled. The torque is fantastic, and the rate at which the speedometer sweeps upwards above 75mph is impressive. One of the car’s party tricks is the first gear start, which is genuinely thrilling, and the other is to get the transmission to kick down from 4th to 3rd gear at about 50mph, which puts the motor in the thick of the torque band and gives you a terrific boot in the ass that will make you giggle like a little girl if you’re like me. The motor is strong and torquey, the gearbox shifts positively with no untoward behaviors, the brakes are impressively good for street use (though I tend to plan my deceleration ahead and don’t use the brakes whole lot), and there’s a solidity and weight to the controls that’s very different from modern cars. The recent suspension work, new brakes, and transmission service have significantly improved the car’s behavior, and I (generally a pretty tough customer) am now satisfied with its operation.

Completeness

I was very attracted to this car by its completeness. Here’s a list of things included with the car:

• Very complete books set including:
• Leather holder
• Owner’s manual
• Stamped service book up through 82,500 miles
• Filled out warranty book (all three of these books stickers of original selling dealer on them)
• ASR information supplement booklet
• SRS information booklet
• Car care guide booklet
• Integrated car phone booklet
• Roadside assistance pamphlet
• Approved service products (fluids, oils and lubricants) pamphlet
• Pirelli pamphlet
• Becker radio operating booklet
• Becker radio cards
• Service records back to new except for 2005-2006
• Copy of original window sticker
• Tool roll with tools
• Original full size spare with tire
• Jack
• First aid kit
• Clean Carfax (ask if you’d like to see it)
• Old license plates from Oregon and Washington
• Miscellaneous old registration slips

Conclusion

It’s easy to see why these cars have developed such a legendary following. Prices have been trickling up in recent years, and I suspect the attrition rate of these cars has been fairly high because they were often used for daily transport, much more so than a car like an SL or a 911. This particular example has a lot going for it, including its history, completeness, fairly low mileage, and recent maintenance work, and I hope its new owner gets the same joy from it that I have. For me, the 500E was and remains one of those all-time bucket list cars and every time I park it and walk away, I can’t help but look over my shoulder. I particularly enjoy that I am able to get that level of satisfaction out of a car that is relatively inexpensive compared to some of my other “need to own” cars.

Classic car ownership is like a relationship. You want everyone involved to leave better than when they came in, but that’s often not the case. Certainly this 500E is a hell of a lot better than when I got it, and while it’s been a costly few months, it has been emotionally satisfying to own what is a very nice example of one of my dream cars, and presumably the money I’ve spent will make life easier for its next keeper. I had intended to sell this car immediately after my road trip, but it got under my skin and I felt obligated to make the car nicer because I could see its potential and felt that it deserved it. It pains me to sell this car and I would love to own another W124.036 someday, but I don’t really have anywhere to put it (and I refuse to let this car sit outside), and with two 1960s Porsches under restoration, as well as an Italian motorcycle habit, the cash will be useful as well.

I have tried to be as comprehensive and transparent in the description of this car as possible, and it’s written in the way that I wish all sellers would when they were selling a car. If you have any remaining questions, don’t hesitate to ask me. I’m happy to take the car for an inspection at your expense and to assist with shipping or pick you up from the airport if you fly in. All I ask is that you be an enthusiastic next caretaker for this car who continues to improve and cherish it.