The median 2004 Mercedes-Benz E-Class in Canada sits at $4,990. That's your anchor. When you see one priced near there with typical kilometres, you're paying about what everyone else is paying.
The typical range runs from $3,450 up to $11,000. That's a wide spread for a 20-year-old car, and it usually comes down to condition and history more than anything. The cars near the bottom are high-kilometre drivers being sold as-is. The ones pushing $11,000 tend to be low-kilometre or unusually clean examples that have been kept up.
What to actually pay
Median kilometres on these is around 224,000. So a car sitting at the median price with roughly that reading is a fair, ordinary deal. If a listing is at the low end of the range but has already crossed 224,000 km, you're paying for a tired car and the maintenance bill is the real cost, not the sticker.
CarSignal has flagged 2 deals on this model year in the last 90 days. That's not a flood. On a car this old, a genuinely good buy is more about the specific example in front of you than about the market moving, so vet the service records before the price.
Numbers reflect live listings across Canada over the last 90 days, filtered for outliers. Data as of . Prices in CAD.