Date registered: May 2007
Vehicle: 2003 Mercedes Benz E500
Location: San Francisco Bay Area
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your question is kind of a tough one to answer, as the annual cost of ownership will depend on what items has been taken care of prior to acquisition, and whether you are willing, or have the capability to DIY.
I would guess somewhere around $2K/year, assuming the car has been well maintained. You are going to be looking at front lower control arms any time after 150K, and shocks... Perhaps a water-pump, or fan clutch @ $500 a copy, etc...
One item on the W124 that I would caution you on is the the coolant expansion tank. These plastic reservoirs have a brass filler neck, and the brass and plastic can separate over time, resulting in a loss of coolant and potential overheating; keep an eye on this... I went through two of these tanks in 50K miles.