My 97 850 GLT is using a quart every 750 miles or so. Mechanic says it likely needs ring job. Does this make sense? Other possibilities?
Secondly, my warning lights for ABS/Trac come on intermittantly. He says it likely needs a new ABS module. Again, does this make sense?
Both repairs are very costly, and I'm debating whether to fix, live with it, or sell. Your thoughts are appreciated.

Ummmmm...how many miles, how much of a service history? Was the oil changed as recommended?

Sure, could be rings. Or maybe the valve guides, they're more common. Is your mechanic a Volvo mechanic? My '98 still uses absolutely no oil between changes at 154,000 miles.

The ABS module is a common failure. So common that there is a guy here who fixes 'em for a fraction of the cost of a new unit. Use the search function, above, for details.

-BTC

'98 V70 T5 5-speed, "winter beater/RR station car/NYC car", 154k mi, front IPD stabilizer bar, rear factory HD bar, Bilstein HD, Volvo strut tower brace and skidplate, e-codes, V-1, Mobil-1 since new, Michelin Arctic Alpins

I've owned it since 120K. It now has 176K. I've replaced oil every 5K with Castrol semi-synthetic. To the best of my knowledge, the oil has been replaced according to requirements.

checked the flame trap anda ssociated hoses...if its a turbo it could be the turbo on the way...