Listen for or have a trained ear listen for a bad [leaking] exhaust manifold gasket. What can happen in an otherwise good running Volvo is the bad gasket allows air to be sucked into the exhaust stream which changes the O2 sensor reading. RESIST the temptation to TIGHTEN the bolts holding the manifold. The bolts will shear off. Sometimes a "bad" O2 sensor is misdiagnosed because of the aforementioned leaking gasket. If you are not mechanically inclined find a mechanic who has experience with 200 series Volvos and can diagnose problems, not just replace parts. Wouldn't you hate to spend money to replace the O2 sensor and still not have it pass smog?
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