You could try the used parts market like here:

http://www.hollanderparts.com/SearchResults/BestMatchesResult?year=1989&make=Volvo&model=740&application=117-58075A&category=Front%20Body&PartType=Hood&PartTypeName=alum&vendor=&newSearch=true

If you're lucky, you may find the right color. There are other used parts search tools online, but I can't remember where. But as I recall they listed what color the body parts were. Depending on where you are, you shouldn't have to travel too far to find something for less than $500+150. 1989 was the last year of that hood design. I don't know how many years you can go back but I thing it's a few. Maybe someone else knows........