You're correct about Florida not having mileage checks. I wouldn't worry too much about the odometer reading since you have a majority of the maintenance receipts. If the previous owner is an older lady, then you got a great deal, unless she drove like a bat-out-of-hell after church on Sunday. :-) Btw, I picked up my '89 240 from an elderly woman back in 1995, and it only had 42k on it.
About the odometer, there's a plastic gear with little "teeth" that are known to break off. Once a tooth breaks off, the odometer usually gets stuck and stops both the trip odometer and actual mileage. So, to answer your initial question, yes, these are quite common.
On my '89 240, the odometer broke at around 89,000. I lived with it for about 1.5 years and then decided to spend $120 to get it fixed. After I got mine fixed, it worked for 5,000 miles, then broke again. Got it fixed again (under warranty), it lasted another 1,500 miles, and then it broke for the third (and final time) last week. I got my money back, and I'm choosing to live with it or until I find a reasonable alternative.
There are shops that specialize in repairing these things. I guess I either have real bad luck or the shop couldn't get it right the first/second time around.
One thing that you may want to do with the maintenance records, is set up a simple spreadsheet in Excel. List the date, odometer reading, repair, shop, cost, etc., and then sort by date. This way, you should be able to estimate the mileage and find out how often she used the car, etc., not to mention how much was spent each year in maintenance, and how much you can expect to pay a month in repair costs.
Enjoy your "new" 240!
Regards,
Eric Staufer,
'89 244DL 113k
http://grove.ufl.edu/~estaufer/volvo.htm
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