May 2007
Last month I covered the SLC and 560SL but neglected the European model 500SL, a very interesting car. With the anemic 380SL the only alternative for US SL buyers from 1981-1985, many SL clients looked to Europe to import the much more interesting 500SL using the notorious “Grey Market” importation network.
Let's have a look at what it costs to buy one of these cars. I'll use our same pricing criteria from prior installments and should point out the fact that pricing anomalies always exist either significantly above/below what I will report.
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| 1983 500SL with 14" chrome alloys |
500SL (non-US: 1980-1989) Total Production: 11,812 units
The Euro 500SL was quite a car and was far superior to the 380SL, most notably in the power department. While the US 380SL was rated at 155hp, the Euro 500SL produced an additional 85hp, a whopping 54% increase in power. This massive power difference drove the Grey Market of the early to mid-‘80s. Scores of Euro 500SLs were imported and converted to the required US EPA and DOT specifications. The dilemma is many of the cars were crudely converted, with importers performing the bare minimum to obtain the essential EPA/DOT “releases” that allowed the car to be registered in the US.
Another requirement for new non-US automobiles imported to the US was that they accumulate 7,500 miles before importation. This precipitated one of the following scenarios: either the car actually was driven 7,500 miles (12,500km) prior to importation or the odometer was falsely spun forward to the required mileage to speed up the whole process. Either scenario effectively clouded the actual mileage of most Euro models imported.
A potential variance of 7,500 miles certainly wasn't the end of the world. The real discrepancy could occur when a 1-2 year old 500SL was imported. The car would arrive in the US with perhaps 35k km on the clock. Complying with the DOT regulations meant installing a new speedometer/odometer assembly with US mph readings and discarding the original Euro km speedometer head with the correct mileage reading. This transition from the original km speedometer to a new US speedometer could result in some mileage disappearing from the history of a grey market 500SL.
Beyond the large power difference, other niceties incorporated into the Euro 500SLs were richer burlwood interior veneers, heated seats and on the 1986 edition: a trip computer. Of course the small bumpers and flush Euro style headlamps completed a very cool package. I should also mention 500SL's alloy 5.0 liter engine suffered none of the timing chain calamities so prevalent on the 380SLs.
Looking over the current crop of 500SLs listed on www.ourSL.com and removing the cars priced in Euros as well as the $40k and $3.5k examples, we arrive at an average asking price of $16,590. Applying our 10% real world selling price adjustment results in an average of $14,931.
There is a distinction in values between years and blending the CPI Black Book guide's values for the 1981-1989 production range gives the following:
| 500 SL: |
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| Fair condition: |
$5,931 |
| Excellent condition: |
$18,010 |
| Good condition: |
$11,375 |
Generally speaking, there is roughly a $1,200 value increase per year as you move from the 1981/1982 editions forward: the 1985/1986 cars having the most value.
The large difference between the “Fair” and “Excellent” condition examples correctly reflects the restoration costs associated with the 107 chassis cars. As is often the case, buy the best example your budget will allow. And don't be tempted by the cheap clunker, thinking you can beat the market after sorting it out. As was case with tired 380/450SLs, a hobbling, wheezing 500SL simply becomes a parts car.
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| 1986 500SL with 560SL style 15" alloys |
Having said this, I feel the CPI guide accurately reflects the Euro 500SL market in the US. An immaculate, low mileage 1985 500SL should sell for $18k and a dead 1982 example should sell for about $5k. These values rightly place this era of SL just below the US 560SL in terms of value although far fewer were constructed (11,812 vs. 49,347), and comparatively few made it to our shores.
The revised average selling value of $14,931 based on cars listed on www.ourSL.com is high and should be revised downward at least 15% to reflect what the market will support. I see the Euro 500SL market flat to a 7% decline for 2007. Their appeal in the US will always be overshadowed both by the preponderance of nice 560SLs and potential mileage/EPA-DOT conversion issues.
We'll tackle the technical tour de force we know as the 129 chassis SL (1990-2002 US) next month.
Meanwhile, get out and buy yourself an SL!
Roy Spencer, editor www.ourSL.com
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