Mine has averaged 26.44 mpg over the 8.5 years I've owned it (all purchases recorded and mileage noted in a spreadsheet). At times, the rolling average for six fill-ups has reached the high 20s, courtesy of a series of long trips. Individual trip mpg has gone past 30 on several occasions. Aircon always on; the average increased after installing a Kenlowe engine pre-heater; Mobil 1; 5-speed box usually in E(conomy) rather than S(tandard) mode; undershield and mudflaps. Delivered Feb 1996.
Watch out for inevitable corrosion of front wings, and possible corrosion around the antenna aperture and the back edge (and perhaps other edges) of the sunroof aperture. Also, listen/feel for propshaft or other rear-end vibrations at 50mph upwards; my mechanic reckons the UJ at the front end of the rear half of the propshaft has too much play in it and a lump in its travel, so we're looking for a good used one currently, having recovered from the MB price of £448+VAT for a new one. A new propshaft hanger seems to have made the vibration worse.
At 61k I have yet to experience loom problems; my mechanic confirmed again last week that he could find no deterioration in the loom, even after I told him I feel like the only late-model W124 owner to be free of it, judging by what I see reported here and on all the other boards.
Great car. Health problems forced me to SORN it for the winter. When I got it back on the road, I fell in love with it again and reinforced my determination to keep it for as long as I can drive it, so I'm happy to spend on repairs and replacements as investment in long-term ownership, and to hell with the resale value.