1. The air pump
The code doesn't necessary mean that you need a new pump. Usually a pump would fill with water because of a faulty check (SAS) valve and freeze triggering the codes. You will have to replace the valve ($100 parts) and maybe the pump. In order to ascertain that you need to get a new pump you have to either remove it, drain the water and try to run it. If it runs than install it but just before reinstalling it drill a 1/8" dia hole in a bottom of its housing to prevent drain any future water. If it's dead, you can try to fix it by opening the housing and cleaning the bearings, or buy a new one. It took me two hours to remove my pump, drain it, test it and put it back. SAS valve is one hour max. Try www.volvospeed.com for instructions on pump and valve replacement. The car will run just fine without the pump as it only operates for the first 2 minutes after cold start but emission testing maybe another thing. I've just posted reply to an air pump question and emission testing and here is a quote:
"If the car is warm and they just sample exhaust the car will pass the test as long as the CEL is reset just before the test. I think that ECU tries to start the pump two to three times before setting CEL but if the car is warm it will not even do that. If they scan OBD2 for emission test it may be more difficult as the car will not be "ready" as the drive cycle will not be completed. However, there was a post few weeks ago claiming that state inpection let the car pass without the drive cycle completed stating that Volvo drive cycle is somewhat finicky"
2. Timing belt
If you feel like it you can change timing belt yourself, check www.volvospeed.com for info. Yours is overdue and it takes 2 hours to change it (that's what Volvo dealer usually charges). Just don't get sucked into changing water pump (because it may leak...someday), belt tensioner, or whatever they think your waller would bear.
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