Try not to get fixated on a single car just because it is close and available. I'm not saying it isn't a great car - it very well could be. But the hassle, expense, and effort of making a road trip to a farther location to get another car will pale in comparison to trying to fix up the wrong car. And really, I'm talking rust here - serious structural rust. It simply isn't practical or economically sensible to try and do a lot of work on a rusted out Volvo. Mild rust - sure - not a problem to patch a few holes here and there. But if you have to cut out sills and replace subframing then you should either have all the tools, skills, and time to do it all (correctly) yourself or move on to another car that doesn't need it.

And not to diminish the 122 (My second car was a '63 122 which I loved, and beat, to death) but have you thought about a PV? 1940's styling, lighter weight by several hundred pouunds, same drivetrains per year as the 122s. I've owned 122's, 1800's, and 140's and my PV is just a lot more fun to drive for some reason than they ever were. Even when it only had 85 hp, skinny tires, and leaned like a sailboat in a gale around corners.
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I'm JohnMc, and I approved this message.