The Mercedes-Benz W112 cabriolet is a truly rare automobile, with just over 700 produced. While there are plenty of rare cars that earn that designation simply for being unusual or not very popular when new, a car like this 1966 Mercedes 300SE Cabriolet listed here on eBay is both desirable and hard to find, especially in project form that allows an enterprising enthusiast to potentially own such a special vehicle for less than the cost of buying a turnkey example. Now, that all depends on how handy you are with performing your own bodywork and paint, and obviously, a fair amount of rust repair.

The seller is asking $25,000 for this project 300SE. As you comb through various online pricing guides, you’ll see that the median selling price is around $127,000 for a car in sound condition. Auction sale prices have climbed as high as $200,000 for what I presume to be the best of the best examples, or one of the few cars with a 4-speed manual. For any of you that remember the remarkable “Junkyard” auction featuring the amazing Rudi Klein collection, a 300SE with the manual gearbox in similar condition sold for just shy of $24,000. Is that the going rate for a 300SE cabriolet in this sort of condition?

Amazingly, the Rudi Klein car appeared to have a slightly better interior and the added bonus of a rare manual transmission. The interior of this 300SE is utterly trashed with the seats non-existent and the dash basically a throwaway piece with the exception of the gauges. Our subject car does have something going for it that the Klein car didn’t, which is the presence of the valuable European-market headlights – but I’m guessing the inner bowls are trashed with no reflective material left, so really, the value may be moot at this point. While there’s extensive surface rust present, it’s hard to say for sure if the floors are rotten – but it seems likely.

I will say, the engine appears more complete than the Klein car, which showed that the head had clearly been removed ages ago. The 300SE is powered by the stout M189 inline-six, which is equipped with fuel injection and good for 170 horsepower. I’d say the odds are good that this engine will still fire up after the necessary tinkering, and this may actually be the easiest part of the restoration. The 300SE also features Mercedes advanced (and complex) self-leveling pneumatic suspension, which will surely be another challenging aspect of the restoration. I’d say the price here is a touch high and if it was lower, an enthusiast might be tempted to take on the restoration.