I have a '89 Volvo 740 GL wagon with 154K on the clock that has a very difficult to diagnose "no start" issue.

When the temperature is 10 F (-14C) or warmer the starter will start the engine just fine.

If the temperature gets any colder you turn the key to start the engine and all you get is loud audible "click" and the starter will not activate. Turning the key off and on repeatedly just gets you click, click, click, click, click, click, and then suddenly the starter turns and the engine starts. Turn the engine off and it will start fine. All is well until the car sits and gets cold and then you are back to click, click, click, etc.

The starter has been replaced with a near brand new one that tests fine for motor and solenoid. Terminals on solenoid were thoroughly cleaned and reassembled with Dielectric grease.

The battery is in good condition, clean and the terminals have been thoroughly cleaned.

Positive battery terminal clamp has been replaced with a solder on replacement. The Negative terminal has been wire brush cleaned. Both are tight.

All the grounds have been cleaned (chassis, firewall to engine head, ground to block, multi connectors on inner fenders) and reassembled with dielectric grease.

The car did this before I did all the things listed above but this made no difference. The car still exhibits this no start when cold syndrome.

I am running out of ideas as to what might be the cause. Suggestions?
Steve B