Hello,
While there is a split, it occured in the '98 model year, not on the '99 and newer 70 series. Most (if not all) of the '98's I have worked with have the newer style mechanical tensioner. As Rule said, they have the distributor ignition, mechanical throttle, etc. still, but have the newer tensioner. Any '99 should definitely have the mechanical type (in fact I would personally put money on it). This applies only to the 5 cylinder engines, as some of the S80's used the hydraulic tensioner into '99. In any case, I would probably do the belt soon if it were me (being almost ten years old). I did mine at 90K on my 2000 (last March). Never, under any cirsumstance, replace the belt without the tensioner with this type. These mechanical tensioners were problematic the first few years (not worth the risk of engine damage for a less than $100 part). Do the pulley with every belt change on that car. Anyway, I hope this helps. Let me know if you need anything else.
Good luck,
Joe S. - Volvo Master Technician
2000 S70 AWD, 1995 850 Turbo, 1981 242 Turbo w/intercooler
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