Replacing the control arm is really easy -- the hardest part is lying on your back on a cold concrete garage floor -- as long as you have a good set of wrenches and socket sets.
In my case, I just wanted to change all my front end bushings to IPD's poly, and I found that the small OEM bushing on my original arms was too tough to remove, so I just coughed up the price for new ones (from my Volvo dealer) that come without any bushings (so I could put in poly's).
Here are the list (and VCoA discount) prices from my Volvo dealer:
Left: 1205680-0, $117.58/$105.82
Right: 1205686-7, $117.58/$105.82
As you can see, that $150 your mechanic quoted was a markup, and maybe wouldn't even be genuine Volvo parts!
If you have the tools and a warm place to work, go for it.
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