Hi Bob,

No power at fuse 4 suggests a dead fuel pump relay. As I recall with the 1989 240s, the white fuel pump relay lives behind the glove box, buried up to the left between the firewall and defrost ducting, either the first or possibly the second relay buried behind it. My preference for replacement is the white KAE fuel pump relay, but the Striebel (Volvo OEM) ones are next best. Or you can attempt to re-flow the main solder joints in the existing relay with a 90% chance of success.

Any kind of visible damage to the CPS sensor and cable sheathing spells doom. I'd replace it without thinking further. A number of good replacements are available from aftermarket parts houses. My personal preference at the moment is the Facit one from Italy that I first got from Chapman here on the Island, so likely available from local distributors like Metrix or Altrom. I got my second Facit off Amazon.

Hopefully it won't be too hard getting that '89 240 running. One more notch to add to your long Volvo belt if you do and a heck of a good bargain at that price. Haven't seen your old 242 around town in recent times, but I do keep an eye out for it.
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Dave -still with 940's, prev 740/240/140/120 You'd think I'd have learned by now