I'm driving an '89 that I bought new. The sedan version. It currently has 216000 miles.
As mentioned, the ECU (computer) is known for crapping out although mine has not.They are $700 from the dealer I got aspare on e-bay for $90ish...I tried and it works. At 120000 miles you will probably want to listen for clunking in the rear end, during acceleration and over bumps that would likely be Trailing arm bushings(pain in the butt job), you will want to change the brushes in the alternator (under $6 super easy to do) you may want to crawl under the car by the back of the drivers seat and see if it rusted through. I don't have this problem but I heard that many Volvos rust the seat mounts right off the body.
I still have the original Radiator. so far so good. Water pump, starter and alternator (minus the brushes) are still original. If it's got good rubber and it runs, Hell yeah , I'd say $1000 is a deal.
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'75 Jeep CJ5 345Hp ChevyPwr and two motorcycles: it wasn't Volvos safety , it was Longevity that sold me