The 940 8-valve and even the turbo is almost as maintenance free as you can get with a Volvo. Obviously the Turbo adds another few maintenance steps here and there, but in the long run it isn't that bad. If you take really good care of a Turbo (VERY routine oil changes especially) they can be really good. In fact, by the 1990s, most of the turbo cars Volvo built were excellent all around.
I guess it depends on how you look at it. A lot of people start urban legends that they had a Volvo and it never needed anything... of course they don't say that it was a chunk of crap and they never fixed anything that broke.
Every Volvo is more maintenance intensive than, say, a Toyota Avalon, which is a similar sized car, featured similarly to a lot of 940s. The struts on the 940 are more work. Both have similar ABS systems (Bosch). Both need timing belts at routine changes. Parts cost is often as much on a Toyota. But the 940 will have a couple more electrical faults, and the engine mounts wear out faster on the 940.
So does this mean the 940 is NOT a good choice? No. But if you neglect fixing little things here and there, I don't really think ANY Volvo product that I know of to this day, is the most maintenance free car on the road. Don't look at 16v engines as a generally-accepted maintenance free engine. the 8-valve ones are good.
Moving on to the 850, there are a couple of things that have plagued that series.
First of all, no 1993 models. Some people don't have problems, but they own 5-speeds. Second, watch for A/C evap leaks, rear main seal leaks (big bucks for both) and ABS/TRACS issues.
Outside of that? The 850 has proven to be a pretty decent car as well, but you have to stay on top of the timing belt maintenance, whereas on the 940 you should stay on top of the schedule, but a breakage won't ruin the engine.
Both cars are nice to drive in different ways.
That should be some food for thought. I say, go with the 940 for the LEAST potential (and expensive) problems.
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1992 940 wagon, very low miles as well as others.
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