850 1994 Volvo.

Last night I was turning off of a highway onto an exit ramp; and all of a sudden this strange noise starts to emanate from the engine compartment.

It sounds like a metallic chain going very very fast. The serpentine belt looks good; power steering fluid is full; transmission and brake fluids all look good.

I popped the hood and it is coming from the left side of the engine compartment when looked at from the front. It has about 132K on it.

Is this the Timing Belt that could be giving up the ghost? I bought the car used and I do not know when it was changed out last; however, the previous owner owned it for only 6 months, but did maintain it at a local Volvo dealership.

I really dont want to drive it in this condition. A shop is about a 10 minute city drive away.
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91 740 Wagon (RIP) 138K / 95 850T Wagon 122K (also RIP due to stolen car who ran into it).

Well

The repair bill comes out to be $1673. I am not going to go through with it. This car has been a problem child since day one; it runs when it wants to.

When it wants to run; works like a champ; however, I think this will be my last Volvo.

Anyone in the StLouis area want a 1994 850 with 132K on it?
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91 740 Wagon (RIP) 138K / 95 850T Wagon 122K (also RIP due to stolen car who ran into it).

You never mention your mechanic's diagnosis of the issue...inguiring minds want to know what is going to be replaced for that kind of money....in other words, what's wrong with it???
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1998 S70 T5 Emarald Green Metallic, 2004 V70 2.5T Ruby Red, Previous Owner of Black '94 850 Turbo Wagon. My cars have been running so well lately they've got me worried.

That repair bill is a ripoff! Check out the price for the parts at FCP Groton.
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96 850T, Bilstein HD, IPD swaybars

You might have an idler pulley or tensioner pulley going bad on the timing belt, or it's the water pump bushing going bad. If any of these are happening, they can take out your timing belt, so do not drive the car! A broken timing belt will cost you $4k in bent valve repair. Have the car towed to your mechanic. If you aren't sure of maintenance history, have everything replaced, belt, pulleys and tensioner.

My Volvo indy told me a story of an 850 that he backed out of the garage and left it idling while he closed the garage door. Timing belt broke, bent all the valves--just sitting there idling...
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96 850T, Bilstein HD, IPD swaybars

Could be a tensioner or belt pully going south or even the water pump. Get this noise checked out immediately. You don't want one these things to cause one of the belts to break, especially the timing belt.
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1998 S70 T5 Emarald Green Metallic, 2004 V70 2.5T Ruby Red, Previous Owner of Black '94 850 Turbo Wagon. My cars have been running so well lately they've got me worried.