Well, there are the usual 850 sore spots. With 157K, see if the trans fluid has ever been changed. Volvo stipulated the trans fluid was good for life when the cars were new, which is a crock of s**t, and if the owner had it serviced at a dealership chances are it's never been changed. If thats the case your friends could be looking at an expensive trans swap sometime in the near future.
Other areas they should look at, A/C evap core. Can't remember if the 1995 had the pollen filter from the factory, if so chances are the core will be in better shape than if not. Thats an expensive fix, the whole dash needs to come out to get to the core. Oil leaks, if the oil and flame trap have not been kept clean they can cause early failure of the rear main engine seal, which is another expensive fix (dealerships near me want $1000 for that job). ABS module, if there's an ABS light on in the dash chances are it's toast and thats about $800 I think for a new one, but you could do the swap yourself in a few minutes.
Various other smaller weak spots, transmission PNP switch, look for the up arrow light on in the dash. Sometimes the contacts can be cleaned by ratcheting the shifter back and forth and it will go away, if not the switch might be bad. Front sway bar end links, upper engine torque mount. Here's a pretty minor one but could ruin your day trying to fix, they are prone to the glove box latch mechanism breaking, after which you can't get the damn thing open. You then have to pry the door open enough to get a hack saw blade in there and cut the catch. Seat back adjustment cable is another common failure. There are many more I'm sure I've forgotten, but I still love the car!
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