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1986 and up 240s have plastic valence panels or skirts or whatever you care to call them, all around the underside of the trunk, rear bumper, and sides of the spare tire well areas.
It's a one-piece plastic stone shield designed to keep the bodywork from chipping, which is what happened to yours- the chips in the paint let water + salt work on the metal, rotting it out. That plus the newer style mudflaps will hide a lot of the rust repair you'll have to do.
Your best bet is to probably find a wrecked newer one, 90-93 and cut the parts you need out of it. Junkyards usually have air chisels or gas-powered chop saws that can carve out any sheet metal you need. Sawzalls work nicely too.
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Rob Bareiss, New London CT ::: 86 244DL, 87 244DL, 88 744GLE: 625K total
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