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Volvo V70 Transmission Trouble V70-XC70 2004

Yesterday I had a sudden transmission issue with my 2004 Volvo wagon. I was at a red light and when the light changed, I pressed the gas and the car would not move. Not an extremely clear recollection of that moment, but seemed to feel a "thud" and car would not go into Drive or Reverse and made a grinding sound when I put it in Park. I'm definitely not very knowledgeable about auto repairs, but my brother advised me that possibly linkage dropped out. Got it towed to mechanic today.
If transmission replacement is required, wondering if we should seek used transmission. Would love for it to last several more years, but how much money should I spend to repair a used car we paid $5000 for that currently has aporox. 185,000 miles??? Anyone had experience with similar problems with this model?






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