You are in for a wonderful experience! Here are a few thoughts.
First, age is no friend to a car. Secondly, I have driven an '88 since new. Thirdly, since your acquisition cost is low, go for it!
Call IPD on the west coast. They are Volvo pros for over 42 years and are very helpful. A great catalog, too.1-800-444-6473. I bought a Bently repair manual recently from them. It is very helpful. Good luck. Jim.
Well it sounds like you lucked out with the car. I own an 87 also and before this one I had a '71 and a '74. one thing I do love about these cars is how easy it is to work on them yourself. Even though the occasion will be rare, minor problems are easy to service on these cars. one problem I have had on all three of my Volvo's was the alternator/water pump belt(s) (only one belt on my '71 and '74 but two on my '87) coming loose. The alternator acts as the tesnioner and will sometimes loosen. This results in the water pump not turning properly, and the charging system failing. So if the belts start to squeal DO NOT ignore it. I have been dead on the side of the road with all three cars for that reason. Also if you notice you battery is getting low, or the car is overheating check the belts first and save the costly bill by doing it yourself. Don't forget that belt will not always squeal if they are loose. If the car is equipped with engine block heaters watch out. In old age they can corrode and break off, causing the car to expel all it coolant. I love my Volvo's and refuse to drive anything else.
I find it so very interesting how many adore their 240's. I too am a Volvo addict. I have an amazing 91 240 5 speed - 166k, I feel like I am driving a new car with this one. And an 88 240 GL - drives absolutely amazing, has a tougher and more peppy feel - 180k. I love them both and they are in great shape, and both run amazing. I just can't part with either car!! I drove the 91 back and forth from NYC to Cape Cod several times this summer. The radiator did break in the 91 last year. I maintain them freakishly well - they are my children. I know, I really need a life..
I have found a 1987 Volvo 240 DL Sedan, 5 speed, Manual Transmission with 211,000 miles. It's listed for $1,000. I can't find a true market value for it. Any suggestions as to what to offer and what the max should be? Thank you!