Genuine Volvo converters are very expensive. You can get a universal catalytic converter. They are under $100. I got a new AP 2 1/4" high flow converter free from a friend and had a muffler shop put in on for $25. The car had an increase of power immediatly. The old converter was a solid hunk of rust and carbon buildup. Call around, check Ebay and other web places and you may find a new one cheap. Universals do not have the 3 bolt flange, but just cut the pipe in front and weld on the new one there.
You didn't hear this from me, but you can clean out the old converter with compressed air or a high pressure water washer and shake out all of the loose garbage then reinstall it. If you can see light through the catalyst, and it's not all broken inside, it will still work. Most probably it's junk and a new one is a better bet, especially if the case or flange is rusted. Check around.
Ben
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