These days, a 'chip' is actually a reprogramming of the engine computer. The 300bhp is not excessive as far as engine components goes and will not alter the longevity. Just try to find out which firm modified the computer. Volvo technicians will refuse to work on the car depending on the mods made.
You need to find out what other mods the owner made; higher flow exhaust, free flow intake, boost control, etc.
Watch out in the rain, as the front wheels will both break loose under full throttle!!!
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My back feels better when I sit in a Volvo seat
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