I have owned three 240s and now own a 940 wagon. IMHO the 940 is much nicer than a 240. The engine and tranny are very similar to those of the venerable 240, if not virtually the same. I think the engines are the same (mine is a non-turbo 940).

When I have gotten back into and driven 240s I feel like I am sitting down in a hole. Drivers position and visibility are (IMHO) much better in the 940. One nice convenience is the actuator for folding the rear seat to extend the wagon back area. Very convenient, well thought out controls for flipping up the seat cushion and unlocking the seat-back.

Very rugged and reliable cars.
--
'94 940, 40 linear feet of vintage jazz, r'&'b, funk and soul

Some have called the 940 the best 240 built.

I am partial to 940s. I do have a 1992 244 and the son drove a now departed 1987 mustard yellow with a brown interior 245 wagon with an M46. I do not have a 960 nor an 850.

940s:
Feel and handling is good but not quite as good as a 240. It can be with suspension modifications.
Wagons are harder to find, like the 240s.
These have the same modified tractor engine as your 1992 240 and probably the same fuel ignition system that you have now.
I have lots of plus marks for the 940. Just a few, most of the relays are at attention behind the ashtray as are the blade fuses. Creature comforts are a little better.
You can actually get to the behind the engine heater hose and the crank sensor from the top of the engine compartment.
Stay away from the 940se (1991 only) which is a re-badged 760 with a turbo engine. The guts, fuses,relays and body are similar to that of the 960. These have IRS and expensive novomat struts.
Avoid sunroofs and electric seats if you can. The sunroof felt gasket is not available, same as the 240? and the electric seats are not without flaws.
Non turbo 940s have a 5th gear actually called lock-up where the engine locks with the transmission rather than pushing transmission fluid for a little better gas economy.
The real bad news is the 940 USA version is automatic only.

Otherwise is the 940 flawless? Well, just take a look at the 1,000,000,000 word 700/900 FAQ dedicated to all the fixes. The fixes needed are probably fewer than other cars of the same age but with the 940 you can work on the problems yourself if you are so inclined.

Good luck.

Tom

You said 950. I think you meant an 850. An 8 series car with a 5 cylinder interference engine and FWD. A few were AWD. The 940 is a 4 cylinder and a RWD car. 960 is a 6 cylinder with an interference engine and RWD. The 850 is a more complicated beast than the RWD cars except for the 960. As much as I loved my 240, my 95 850 wagon is a better car. Yes, more difficult to work on, but still way simpler than today's cars. Faster, safer, more to fun to drive and more reliable than a 240. In it's day, it was a very fast car with a turbo. Terrific car. Glad I bought one..:)

95 855 GLT Sportwagon 224k, 90 244 DL 300k+ - after 11 years has a new home

940 is the next "edition" of the 740 line, which Volvo turned out it the later 80's. As Volvo moved into challenge the Lux European Brands....no longer a Sweedish Tractor.

The 740 Wagon Turbo was sold as a Family Mans Pocket Rocket that could take a Porche off the line. Offered in "police" inviting RED.

Stick shifts more common on the 740 series.

for a look at the variations of engine offerings...the 9 series got into 16 valves

go to the source, check out the owners manuals and the sales pitches...here


http://www.volvocars.com/us/top/yourvolvo/volvo-vehicle-information-library/pages/default.aspx

940 has the non-interference motor, shares little else with the 2. It is rwd. Did not come in the US with a stick, but some swap one in using parts from a 7, or sometimes a BMW or a T5.
Wagons yes, google for pics. Made til 98 but in US til 95.
960 is similar bodywise, early is nearly the same, later and S/V 90 is different. Motor is very different.
I have 2 9's and 2 7's, they are nice cars.