The only 240 models even close to this are two I've seen:
The "Volvo Accessory" catalog sells a red, 1/24th scale plastic
model of a 240 wagon (European features, but at least it's left-hand-drive).
The body and interior are very correct. It does not have
any opening doors or hood, so there's no engine, and in fact
no drivetrain detail underneath. The wheels look like an
early-style 960 wheel (92-94 models). It comes assembled.

The only sedan model I've seen is a silver 4-door turbo,
can't remember the maker but it was made in Finland, and it's
a slightly larger odd scale, like 1/20 or 1/18. It's molded in
a metallic grey plastic that seems very flexible, like a
child's toy. It's not the hard styrene plastic of your
typical model. Again, assembled only, and if I remember right,
no engine detail.

We did find recently a beautiful 1/24 die-cast by Polistil,
(italy) of a 164E, claiming it's a 1975 but with earlier
model taillights. Very detailed, everything opens, found it
on Ebay, cost way too much! Beautiful model though, and
being die-cast it could be unscrewed and modified.

Happy hunting!