Hi Carl
Yes good 116's are as rare as hens teeth, remember there was only like 800,000 cars sold world wide compared to 2,500,000 W123's, even finding a good W123 is pretty hard, I kick myself in the head for selling my mint 230E. Not that I wanted the car, have too many already but to try and find another one like that would be impossable, steering was tight, original paint was as good as new, no scratches or blemishes, interior was not cracked or faded, underbonnet area was as new. Car drove and looked as good as the day it rolled out of the MB factory, only reason I sold her was because I am out of garage space and I have a W123 in lesser condition that can sit outside and use as a daily drive. That might sound silly I know, its just the way I feel about cars, you ether have mint condition cars inside or the bangers outside that you drive into the ground.
In my humble opinion hold out the search for a W116, yes the quality may have been there in the 560SEL's models as with the previous cars but they lack the classic style of the 70's benzes.
