I definitely would be worried about the oil pressure... need to check it
out.

As for steering... It is probably the wheel alignment that needs to be done.

Hank,

This car is a false bargain.

Steering is overly sensitive because the alignment isn't set correctly -
Why?

Car was just repainted - Why?

Because the car was wrecked, fixed and repainted.

The oil pressure is probably the least of its problems.

Tom

The fact that it did come up when the car is cold is worrying...

Makes me wonder if the car might really have poor oil pressure...  Did
the engine sound OK when it was HOT?

Steering is probably an alignment issue.  Look carefully for any body
panel replacement. You could also try getting them to align it...

Marty

I have a similar issue with a 92 190E 2.6.  Oil pressure reads 0
occasionally at idle and slighlty under 1 bar under similar conditions. The
Owner's manual for the 190E states that oil pressure at idle may drop to 4.4
psi (0.3 bar) if the engine is at operating temperature. Pressure must rise
immediately upon acceleration.
I purchased a new sender but have not had time to install it. I have also
been told it could be a defective gauge. I really don't know how accurate
the senders/gauges are at their low pressure readings.
Apparently it is not a problem. The car now has 135k miles,
Good Luck in negotiating

Peter

FYI, thanks for all the help and diversions.  So here are the facts.
This morning I went to see the car again.  It was about 50F and the car
started OK with about 1.5 bar oil pressure.  After I drove about 3 miles it
dropped to zero and stayed there.  I had a release from the dealer against
any liability and drove about 25 miles on freeways at 70, oil press stayed
at zero  and the temp never touched 100F with the AC, by this time it was
65F but very warm inside, black paint eh.
I took it to my indy who drove it, looked and  couldn't find anything
obvious, so I took it to my front end shop.  It needs struts and a steering
stabilizer, $600 to $800.
Later I went back to the indy and for $50.00 he took the sensor out and
connected an oil pressure gauge. (Take the air cleaner off, remove the oil
filter and use a 17mm IIRC wrench to remove the sensor)  It had about 6o psi
at 2000 rpm and 15 at idle so it has a bad sensor or gauge.  Also there's an
oil leak at the timing chain cover that he estimates will cost $400.00 to
repair.
I went back to the deeler and were negotiating.
Car drives, great, quite, smooth ride, good acceleration, but a little jerky
on the shift sometime.  Indy says this is age and slipping.  Today was
cloudy and I could see a few painted over door dings that I didn't spot in
the bright sunshine of the other day.  For me I can see defects in black
paint better on cloudy days than sunny.