I have owned two Elmars, one from the 1960s and the latest version with modern optics. My 1960s Elmar was f2.8, was very well made, and produced outstanding tonality in b&w. I paid $250 for it a few years ago, but I think prices are up to around $350 or more these days. The one thing I did not like about it was that turning the focus ring also caused the aperture ring to rotate, and vice-versa, so it was necessary to set aperture before focusing.
I currently own a modern Elmar-M. Like its predecessor, it has great tonality, with a step more contrast and definition. Current prices for this lens are $600+. Though it is not as compact as earlier versions, I think the Elmar-M is very special. For me it is a lens that escapes objective description--images are sharp, blacks are very black, the lens seems to etch the image onto the film.