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Hi Susan,
If the car is really averaging 15 MPG, there is something else wrong besides the IAC valve. It is not a turbo engine ? I have a 1993 940 non-turbo and its gas mileage is never less than 22 MPG. These cars should achieve 25-30 MPG on constant speed highway trips.
Has the fuel pressure regulator near the fuel injectors been checked ? The FAQ has information on checking it.
Make sure the intake hose from the air cleaner to the throttle body is clamped properly and has no hidden cracks.
Make sure there are no cracks in the hoses to the IAC valve. Even a small leak can affect the idle smoothness.
Mike
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