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The easiest mod you can do is install a "performance" exhaust, but keep in mind that the improvement (perhaps 5HP at higher RPM and full throttle) will be small enough that you will need a stopwatch to be sure it's there. The increased noise may make the car "feel" quicker. But increased noise is not really in keeping with the general feel and appearance of the 940! The steady drone of that big ol' 4-cyl will get annoying on the highway.
Be wary of installing a sportier camshaft which increases higher RPM power at the expense of low-end torque. All North American 940's have automatic transmissions, and the AW71 tends to short-shift at anything less than heavy throttle. The AW71L in your 1994 model "locks" the torque converter at about 47MPH, which is about 2000RPM. From there on, it requires nearly full throttle to downshift the trans unless you do it manually. This means your sport cam will actually decrease performance under the vast majority of driving conditions. The IPD cam would probably be OK in a manual trans car.
Best bet is just the usual boring stuff - make sure plugs, wires, air filter, O2 sensor and cat converter are all in great shape or new. Check cylinder compression is up to spec. Try synthetic oil like Mobil-1 10W30 - a bit lower internal friction. If the car is high-mileage, consider removing the injectors and having them ultrasonically cleaned and flow tested at a specialist shop. Not only will the engine then be giving all the power it can in stock form, but fuel economy will be as good as it gets. Worth having, these days!
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Bob (son's 81-244GL B21F, dtr's 83-244DL B23F, 'my' 94-944 B230FD; plus grocery-getter Dodge minivan, hobbycar 77 MGB, and a few old motorcycles)
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