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Lots of issues:
I'd suggest having an experienced Volvo technician go over the car with a fine-tooth comb.
For common problems check out Kino' Volvo site and look at the owner's survey click on the lower RH corner of the page.
http://kinovolvo.velez.ws/
Also Bay 13 for common problems and their solutions.
http://www.volvospeed.com/bay13.htm
The timing belt is due at 140,000. It's an interference motor and there are 20 valves to bend. If you have it done, I'd also suggest you consider doing the water pump, rollers and tensioner at the same time.
Make sure the AC evporator has been replaced. If it has been replaced, make sure the current one it doesn't leak. Look for dye if added and check with the sniffer. The part's not too expensive but it's buried in the center of the car like the 240 blower motor, unlike the 240 it's protected by explosives (the airbags) . This is nearly a day's job for an experienced tech and not something to be taken lightly!
The autobox likes frequent fluid changes. Look for service records!
Look at the upper engine mount (aka the torque arm bushing) that almost universally fails.
There are about a bazillion electronic gizmos in the car to break. Make sure EVERYTHING works, all the windows, locks, the SEATs, the sunroof, &c. Also that there are no warning lights that are on. Also that the rear rotors aren't warped. That there are no oil leaks. That the clutch clutches. &c.
Ultimate RWD Volvo is probably the 1995 1/2 (Euro model year 1995) (late 1995) 945 Turbo. Even has a glass moonroof as opposed to a steel sunroof. Consumer Reports still recommends the 940 as a used car. If you like RWD Volvos, find one and take better care of it than your wife. (They still make wives. They stopped making US 940s in 1995.)
-bill d cat
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