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I previously restored a DS from barn find to concourse condition, including a complete overhaul of the suspension. An SM is slightly more complicated and the engine is..... Strange but nothing that couldn't be done.
Also just.look.at.it.
EDIT All hypothetical anyway as I can't buy it.
Bobbo-
You are talking to some who loves the hydraulic citroen system, and knows far too much about rebuilding the BX system that anyone needs to know... Still say that the system is really well thought out and the issue, in the Uk, was lack of knowledge, as well as lack of parts. Have had to go to the local Calais dealer to get parts before, as citroen dealers sometimes could not get parts from France.
SM mechanical parts are difficult to source and expensive last time I was sensible about buying a cheap SM.
Still want a C5 with hydraulic system.
lynx
To come across as a cock, do you want some thing expensive and difficult to get parts for and a very small number of people that actually know what they are doing.
Looked at cheap SMs in the past, a few with different engines and boxes fitted but not working. Then gearbox and or engine bits in the boot.