It's possible that it's the turbo seals, but my money is on valve seals as already mentioned.
Failing valve seals are very common on high mileage 5-cylinder Volvos.
I need to do ours. It's pretty involved, but doable by the shade tree mechanic.
I found this tutorial (https://sites.google.com/site/incarvalvestemsealreplacement/project-updates/write-up) and it seems pretty thorough. I'll use it as a guide when I do mine.
Keep an eye on your oil consumption - it can get quite excessive. Ours is using about a quart every 700 miles! Just haven't had the time to fix it yet as the car is used every day for a 90 mile commute.
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"Differences of opinions should be tolerated, but not if they're too different' - Sharon Craig
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