What does the inside of your tailpipe look like?
It should be a nice tan color.
If it is black, you ARE running rich.
Check your air cleaner. If it looks dirty at all, change it (You could remove it , vacuum out the box and get the test without one if you are REALLY cheap!)
You could also have some foreign material in it - like a mouse nest. Once, the foam rubber on the top of the air cleaner box of our '90 744TI failed and clogged the air cleaner.
If you haven't kept up, bringing your car up to stage I could solve the problem - bringing the maintenance up to snuff, especially ignition tune-up.
One of the problems with our Volvos is that they can compensate for age so well that they do not break down even if we do not take care of them.
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