Although enthusiasts may argue over the true definition of “classic” as applied to automobiles, perhaps we can all agree on one criterion: If at some point in the car’s lifetime it stops depreciating — its market price stops declining — and the price then levels off and begins to rise, then the market has just declared it a classic. If the price continues to drop, then it’s just another used car.
The Mercedes-Benz 500SL roadster, introduced in 1990 on the R129 chassis and produced for more than 11 years (with its name changed to SL500 in 1994), is among the most recent automobiles to which the term “classic” — at least by this criterion — may apply. Prices for these hot little V8-powered roadsters with detachable hard tops did decline for many years from their original prices in the high five-digit range. However, for the past five years or so, the price for an example in very good condition has been stable at about $15,000 to $18,000.
The marvelous thing about the 500SL/SL500 is what that price buys you. With a little careful research and some patience, you should be able to find one that will give you the best of both worlds: good contemporary performance with all the modern conveniences of safety and comfort, in a traditionally styled sports car that you should eventually be able to sell for more than you paid.
New lines, rounded ends
The history is pretty straightforward. Mercedes-Benz had produced the previous generation of SL on the R107 chassis (as a blossoming Mercedes-Benz enthusiast, you’ll need to start memorizing chassis numbers that describe long production runs of similar models) for over 18 years. Perhaps as much out of boredom as anything else, designer Bruno Sacco — who took Mercedes out of the hard-edged traditional design period — styled the clean lines and rounded ends of the new roadster.
At the same time, Mercedes engineers, freed finally from having to retrofit a succession of new devices and gizmos into the previous chassis and drivetrain, had a field day making this the flagship sports car of the Mercedes-Benz lineup. They installed the newest of everything, including driver’s and passenger’s airbags, a rollover bar that deployed in one-third of a second, and crumple zones that kept the passenger’s compartment intact in the event that the new anti-lock braking system and improved suspension failed to prevent roll-over if the driver took too much advantage of the 326 horsepower from the 5-liter V8. In designing such a sophisticated vehicle, they focused on safety and performance, much like how discerning gamblers seek out
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New name, features in 1994
In 1994, the body style suffix and engine capacity prefix were reversed from 500SL to SL500 to be consistent with the new Mercedes-Benz nomenclature. Mercedes-Benz, always at the leading edge of safety systems, also introduced the first-generation electronic stability control, which used the ABS actuators in combination with pitch and yaw sensors to selectively brake individual wheels in order to reduce the chances of skids and rollovers.
In 1998, a new, more fuel-efficient V8 engine was introduced, along with a 5-speed automatic transmission replacing the 4-speed autobox. Although power on the new engine was reduced slightly to 315 horsepower, the new automatic transmission kept overall performance at an enjoyable level.
In the best Benz design traditions, the car remains attractive two decades after its introduction. Comfort and luxury in the cabin, unsparing when the car was introduced, still make the driver and passenger feel special when they open the doors.
As with every roadster produced in Stuttgart since the 1950s, the 500SL and SL500 came standard with both a removable hard top and a folding soft top. Even better, the soft top was now automatic, and retracted in less than a minute to stow itself under a neat metal tonneau cover. (Jaguar wouldn’t have a similar feature on its roadsters for another 10 years.)
The wonderful little secret about buying one of these cars is that, in spite of their potential performance, they were almost never driven hard or put away wet. On the contrary, many could be advertised with the phrase truthfully published: “Driven sparingly and only on weekends to and from the golf club by obsessive older gentleman.”
The very best car to buy — and examples are not all that hard to find — is one that has had only one or two owners from new and has been maintained carefully as evidenced by complete service documentation and the overall condition of the car.
The rarest of these cars were the AMG versions, as the AMG partnership with Mercedes-Benz was just beginning and fewer than 200 examples were made. Unfortunately, AMG exterior badges and wheels can be purchased easily, but the badge on the top of the engine signed by the technician who built that engine is much harder to fake. The Mercedes Classic Center also supplies a certificate showing the original build specifications of every unit to verify “matching-numbers” claims.
Watch out for wiring, instruments
Weak links start with the wondrous biodegradable wiring harness that EU environmental considerations mandated during the 1993–95 period. Most of these have long since deteriorated exactly as they were designed to do and have been replaced. However, if the harness is in poor condition, a replacement can cost several thousand dollars unless you enjoy getting up close and personal with every part of the engine compartment — in which case the harnesses are available from Mercedes-Benz for around $750.
On the earlier cars, check head gaskets and instrument clusters. Necessary repairs may not have been made by older owners who weren’t paying attention to the car. Similarly, make sure that the soft top and rollover bars work properly. Hydraulic problems can cause problems with both that can be costly to fix. Check the seals and plastic window on the soft top, and the condition of the hard top. These are great features but can suffer from careless maintenance and poor storage.
Maintenance costs may seem high — a good basic number is $1,000 a year — but for that price you’re buying knowledgeable, well-trained specialists at the dealer or specialist independent shops with good access to replacement parts. Considering the satisfaction/price ratio, ownership is a good value.
If you’ve often seen yourself driving down the boulevard in a top-down roadster with classic lines, but just couldn’t handle the purchase price and inevitable depreciation, the SL500 is definitely a car to consider. ♦