Brake booster leaked and a caliper seized on me, requiring a complete front brake job. The brakes, are outstanding, however for this car having 4 wheel discs.
Water pump failed at 150K.
Carburetors (dual) need constant attention and can leak if not rebuilt every few years, like mine did.
Heater blower started to give out, squeals after it's been on a while, this is a difficult repair on these cars, requiring the complete disassembly of the dash.
Highs: Safety, quality, ease of access in engine compartment, brakes, very comfortable seats and ride, durable mechanicals (the motors in these cars often run over 300K).
Lows: Some parts can be tough to find and good mechanics for these cars even tougher. Manual steering is heavy at low speeds.
The Volvo 140 is a great classic car that's fun to drive, safe and easy to work on. The dual circuit 4 wheel disc braking system is as good as many new cars today, the car has a built-in roll bar and it feels like you're driving around in a bank vault it's so solid. The handling and ride are surprisingly good for a 20 year old sedan and these cars don't rust as easily as other brands.
The B20 engines are durable and reliable, but are not the best on gas (unless you get the later FI models). The dual carbs (SU or Zenith) require frequent tinkering to keep them running at their best, but some of us Volvo owners enjoy that part of owning the car. The manual steering (no P/S was available on any 140) is fine when at speed, but is heavy at low speeds requiring some muscle to park the car.
These cars aren't the best choice as money savers because the parts can sometimes be difficult to locate and they aren't all that economical, but the 140 (142, 144 & 145) have a certain character that is difficult to describe, but make them highly enjoyable to own.