See my 240GLE thread for more history.
Was going to be putting the money into my mercedes as a first car as it was far cheaper than the 240 as the costs for the 240 started to bloat out. But as I was perusing for sale ads for volvos as usual I saw this one come up. Advertised at $700 and it was only a few km away. So I went and had a look at it, had a nice roof pod and the guy just wanted it gone as he had got off his P's and bought an RX7 so he was fine with $300. Had it towed home a few days later, gave it a wash and started work.
Power window switch smoked a bit and didn't work, fixed that through a long process of cleaning and shoving bits of plastic through the fingers and have bought a lhd switch off ebay to rewire for rhd to fit in there. Have bought tailgate struts as the tailgate doesn't stay up and will fit them when they arrive. Have yet to do an oil change and hope that when I do, it will stop smoking as much. Otherwise will need to do the valve stem seals. Needs a windscreen as it has a chip and possibly the top engine mount.
All in all a very good buy for $300 and, despite the fact that it will cost more than the merc to register in the end, it won't be by much and that gives me much better safety and front and side airbags.