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Ahem. Sorry, I don't meen to sound like I'm the K-Jetronic wizard here.
I just want to make sure my vote for the o2 sensor was heard :)
It is a cheap (one of the cheapest) part, and it's a wear item.
http://blarf.homeip.net/volvo/diagnose.jpg
I think I found the link to that from a bb post, and it's originally from the Walker (or some other mfr of) O2 sensor site.
If you're up for swapping parts, the lambda relay is something you could swap over easily from the 242 to check.
I'm always willing to share a wild ass guess.
- alex
'85 244 Turbo | ~145k miles
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