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Quite common symptom, very common failure.
In '90 or '91, Volvo switched to a newer style valve (a gate valve) for the 240, whereas the original is a thermostatic valve. They sell a kit to retrofit the new valve into an older car.
I've installed a retrofit kit into an '89it works well, but the instalation is a tedious three hours, sore knees, and skinned knuckles.
Somewhere I have the Volvo number for the kit if you want it.
Frankly, I think I'd find someone who has an exact replacement heater valve.
Don Foster (near Cape Cod, MA)
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