Has everyone lost their minds? We keep seeing all these basketcase cars listed online with outrageous asking prices! It seems that everyone is finding old cars, dragging them home, and then listing them on the internet for tens of thousands of dollars more than they paid… Well, that is what ran through my mind when I first looked at this 1966 Mercedes 230SL that Alan F sent in. It appeared rough so the asking price of $14,000 just seemed insane. After I calmed down a bit, I did some research though and discovered that maybe, just maybe, the seller isn’t too far off. Take a look at the craigslist ad here out of Fairfax, Virginia.

Paying more than a couple grand for a rusty beat-up old project car may seem like a bad idea to most of us, but there are some cars that are so desirable that there could actually be an upside to going into debt. Some cars are worth so much restored that you may actually earn a return on your investment if you play your cards right. I’m not sure if this is one of those cars, but I have a feeling, that for the right person, it just might be. Values have been on the rise for vintage MBs and this is one of the most desirable models of the era. Perfect examples have almost touched six figures at the auctions lately and even driver quality cars have been known to fetch 25 grand. This one is going to need a lot of help before it is going to see those kind of numbers, but the seller does claim that everything is there.

So, what’s the big deal about these old Benzes you may ask? Well, after 300SL and 190SL production ended, Mercedes needed a new sports car to show people that they still knew a thing or two about performance. So, they took the chassis from one of their sedans, stuck a two-door roadster body on it, and shoved a fuel-injected inline six under the hood. It wasn’t as beautiful as earlier SLs, but it did the trick and Mercedes ended up selling a bunch. It did incorporate some advanced safety features and made for quite a comfortable cruiser, so what it lost in sport, it made up for in class.

Most of us enjoy the old car hobby with no hopes of making any money from it, but there are a select few who view the hobby as an investment strategy. They buy project cars, restore them, and sell them on for a profit. I have never had much success with that strategy, but I respect the people who can make it work. They are saving a few cars while putting food on their table at the same time. The prospect of taking this Pagoda on is tempting, but I can’t help but wonder if the real winner here isn’t the guy who is currently trying to sell it. Either way, would you take the plunge?