Faults:

Tachometer, odometer, fuel-gauge & speedometer stopped working reliably.

Rod-knock became noticeable about the 3rd year of owning it.

Fuel-injection cable-harness wire insulation disintegrated, and caused shorting.

Overdrive occasionally switched on unpredictably in 4th gear.

Sunroof did not work & leaked.

Heater made a screeching noise & eventually failed; so, no heat available.

Turbo malfunctioned for a while, then mysteriously recovered. It made a strange sounds & the engine ran rough during the malfunction.

Headliner lost its adhesion & drooped down.

Paint clear-coat was nearly completely destroyed.

Fuel pump failed.

Alternator failed. I replaced the diode bridge only ($55), after which the charging system warning light came on only when it was working! The motor needed to be revved-up before the light went out, and the charging system went on!

Ultimately, the engine 'blew up', with a rod sent through the crank-case wall. Strangely, it still produced enough power to get it to the highway off-ramp. When the smoke cleared, I could see the engine internals through the crankcase hole. I scrapped the car.

General Comments:

I bought the car from a soccer-mom who was having no luck selling it because it was a station-wagon with a stick (which I preferred). Price: $1000. A great deal! After 5 years, I had only added ~$1000 total for repairs. That's very cheap cost of ownership. It was a 'beater' that served me very well on the basis of excellent mechanicals.

The car was a pleasure to drive. It handled fairly well, had surprisingly good power & had the smallest turning radius I ever saw in a car! I suspect that the turbo with manual gearbox was tempting for an earlier driver/owner to drive hard. The gearbox, suspension & steering were excellent, and gave me no problems except for the quirky overdrive that occasionally engaged without pressing its actuation button (a very minor fault). Driving visibility was great. In all, a very solid drive-line helped me get around for very low dollars.

When searching Craigslist for a replacement, I noted what my mechanic told me about avoiding old, used vehicles with front-wheel drive and/or automatic transmissions (which are much less reliable than manual transmissions). I ended up, after many hours of searching, buying a newer (1992), nearly identical Volvo 740 (non-turbo) with a recently-replaced automatic transmission. This 2nd Volvo 740 is in better shape, so I expect another round of good reliability for at least another 5 years. It's the devil I know! And it's a devil with merely mischievous behavior, rather than a very evil devil that drains the pocketbook.

The Volvo 740 is a very tough car that trumps newer Volvos that are mostly FWD, and it trumps most other older cars because it's simple, straightforward & very safe. I like the wagon because it's versatile while being a pleasure to drive despite its weight. I only wish I found another turbo with a manual transmission, but am quite satisfied with my newer one because it's in very good condition for the bucks ($1390). Unlike newer cars, it looks easy to work on with lots of open space under the hood, including the turbo version.

Faults:

- Odometer had been replaced - actual mileage unknown.

- Air conditioner compressor seized.

- Radiator failed, needed to be replaced.

- Driver's door power window failed.

- Cruise control failed.

- Turbo gauge failed.

- Knob to set analog clock broke off.

- Windshield washer failed.

- Windshield wiper switch on column broke off.

- Map holders on front doors fell apart.

- Upholstery on the interior of the sunroof became snagged and tore.

- Headliner fell down.

- Front turn signal light lenses fell off.

- On right rear tail light, water would leak in to bulb assembly -> every time it rained the brake light bulb would need to be replaced.

General Comments:

Although being ensconced in heat during the summer, and the abyss of the atrocious interior trim and plastic, the car drove and handled very well. I drove the car hard, but the ironclad old school four cylinder Volvo engine never left me stranded.

For a twenty year old car that I spent $1000 and sold two years later for $500, I'm not complaining for what I got out of it. Call me a purist, but the car was over engineered compared to my 240.

If you have the time, money and patience (and interest) a car like this would make a nice ride. I simply regarded it as a cash car.