Your dealer is looking for work. In your case, it is justified. The Tbelt is good for 105K, but the early tensioners for 1999 had problems and should be replaced soon.
Have the dealer do the Tbelt, tensioner, and Sbelt. The mechanic should check the rollers and seals as a matter of course and may reccomend changing a couple.

Preventative maint is much better than the alternative, as witnessed with your 740.

Klaus
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Volvoless. Sold the R. There is now a void...

I'm not an expert, but I definitely think it's reasonable.

I think 1999 was the first year they went to the longer interval. My 1998 has either a 70k or 80k mile interval on the belt. But the service interval is ALSO recommended at 5 years. You're supposed to do whichever comes first (the mileage interval or the real-time-passed interval).

I don't know what the interval is on your car for sure, and I don't know what the 'time' interval on the longer service life T-belt is, but I would be willing to bet that 9 years is way past that interval.

On top of all that, my Haynes manual says that the service interval for the T-belt on my 1998 should be reduced to 40k miles if the typical usage of the vehicle is mainly short trips. I would think that you would fall into this category nicely, if you've only managed 70k in 9 years.

I don't remember if my T-belt interval is spelled out in my user's manual or not, but you might want to check yours for that information.

I wouldn't be so worried about the rolling gear (like the tensioner) but I would probably have the seals (cam and crank) done while they are in there. The cost of new seals is very small and the additional labour will also be minimal.

You might also think about getting them to have a look at a few other things that have 'time' based intervals as well as the mileage interval.

Break fluid sucks up moisture and should be replaced a lot more often than most people realize. My manual suggests every 2 years.

Coolant also has a much shorter interval than most people realize. My manual says 2 years for coolant as well, though there are 'long life' coolants now. A coolant change is cheap and easy.

I've heard of people doing an evacuation and refill of their A/C refrigerant as a preventative measure, and plan to do mine soon. Something about the refrigerant becoming corrosive with age and eating the aluminum. It's a lot cheaper than replacing the evaporator (which you may well have to do someday if you haven't already).

Transmission fluid in these cars DOES need to be changed as well, as has been discussed in this forum many times.

Good on your dealer for bringing this to your attention. My only question would be "what took you so long to ask?".
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1998 V70 AWD Turbo 180k+