Your choice in these two models were the same that my kids had to make on my 84 240 gl and my 87 740 gle 5 years ago. My daughter who is 22 chose the 244 due to the classic lines of a brick. My son 24 gave up the 240 to her and took the 740. Now these models both have strong points and for my son who is 6'5'' the 740 was roomier and the better fit.
Both have been excellent cars for each and we got over 500000 between the both of them and they are still on the road today as daily drivers.
A word of caution I think the 240 model is the vintage which suffers from wire rot.Check into it. Our 740 headliner crapped out on us 3 years ago. I was lucky in that I found another one in a local bone yard and carefully removed it and put in my sons car.
If it was my choice I would go after the 242 due to its classic nature and stick.
You want a roomier car and more luxury go with the 740.
I been driven volvos since 73 and only volvos . Keep on Rollin!!! Mike