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The Universal Bosch 3-wire sensor works GREAT. A little bit of splicing / soldering / heatshrinking is involved, but it is woth it! Do a search for numerous posts on this issue.
If your 240 has an original 3-wire sensor, then replace it with a 3-WIRE unit est $45). Do not be tempted to install a cheaper single-wire unit ($18), even in warmer climates! The heating element is needed! The engine computer will check the O2 Sensor in 60-90 seconds after cranking. If it does not detect the correct temp / heating element signal, then it will set a fault code and turn on the Check Engine light... over and over. (Ask me how I know!!! Other guys on the Brickboard clarified this issue.)
I installed my 3-wire replacement over 6k miles ago, and it runs fine!
[[ southern fried volvo '91 240 127k mi ]]
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