Sounds like you have you answer, yet you posted in the rear wheel drive (RWD) forum.

Though many RWD Volvo folks also own newer models!

You will want to post to the all-wheel drive (AWD) forum. Click the AWD at the top of the page.

Link:
https://www.brickboard.com/AWD/

Hope that halps!

I'd hoped for the C70 Coupe hardtop in Saffron with M66 (?) manual gearbox. Oh well. To the next 242 or 164 if I have the garage.
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Beh.

Saw your ad on the BB classifieds.

Different markets are so...different. Where I am the Volvos tend to be newer and sedan.

It does seem like the car you describe is right there in the price range of the others for sale right now.

https://sfbay.craigslist.org/pen/ctd/d/san-mateo-1999-volvo-v70-base-4dr-wagon/7285888712.html --'99 V70, 201K, $2,500 dealer price: Looks decent, clean. Odd combo of options, base model, no sunroof, auto climate control or even a CD player, but leather and a power seat. If it has good matching tires and some service history.

https://sfbay.craigslist.org/sfc/cto/d/san-francisco-1999-volvo-v70-wagon-3rd/7285848393.html -- '99 V70, 160K, $2,200: Looks good if it's actually as presented with that stack of service records. AWD though, less efficient and the '98-2000 first gen Haldex system is failure prone, both the angle gear and the viscous coupling. Look for receipts for those high dollar items (and look to see that the driveshaft to the rear is still present).
The ad is oddly written, suppose it really is a private party sale (which I always prefer) but I would go into it wary that they're actually a dealer or flipper. And I hate it when the seller goes out of their way to NOT show the wear on the seat bolster and bumpers...

https://sfbay.craigslist.org/pen/cto/d/burlingame-2002-volvo-v70-t5-wagon/7285842740.html --'02 V70 T5, 207K, $1,400: Newer, High pressure turbo, fun! Transmission troubles in these are well-documented; ask about the "B4 servo upgrade" and software updates. It's cheap and there's probably a reason for that, might not be the tranny, but there's bound to be something.

Happy Hunting,
Will
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XC60 / Odyssey

Will has pretty well covered this. Let me emphasize that these are good cars but regular maintenance is key. Some thoughts: Head gasket failure on the 5 cylinder engines is extremely rare. As is AC compressor. Valve stem seals can leak with high mileage but using synthetic oil will prevent this. Synthetic oil is highly recommended for these engines as its use will help prevent clogged PCV issues and leaky valve stem seals. Quick check for valve seal issues is to see if it smokes at cold start up.

At that mileage I would also check the front end over thoroughly. Tie rod ends and sway bar end links can wear out and get noisy when hitting bumps. Also look closely at the CV joint boots for cracks. Any weird steering behavior or noise should be examined closely. The upper engine torque mount is usually toast by that mileage. Probably been replaced but if not no worries as it is cheap and a DIY job if you are willing...

$2400 sounds high even with a new engine. Is it brand new? Check the book value in Edmunds or elsewhere. Have found in the past that Edmunds values for old Volvos is pretty accurate.

J
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Will I buy another Volvo??? We'll see....

Not prone to oil leaks, unless, as you suggested, the PCV system is clogged. You've got a nice checklist, I'll add that the electronic throttle module (ETM) is particularly prone to fail (especially in the 99-2000 models) and the ABS module too. Good chance that at 197k they've both been done.

Check the footwells for wetness, the seals at the heater core connections get old and fail. It's not a 240 heater fan level job though.

They're great cars IF they're maintained. IMO $2400 sounds like a lot for a 99 unless it has service records or at least presents well and has a good story.

Best of luck,
Will
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XC60 / Odyssey