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Yes, the whole assembly must be replaced as Volvo doesn't sell individual parts for the fan. You might be able to call the manufacturer and get just the motor, but thats a hassle.
Instead, go to a junkyard and pull one from an 850, early V70, or S70. If you pull from a non-turbo, just make sure the donor car has A/C. AFAIK all you have to take out is the two screws holding the relays onto the shroud. Then disconnect the wires from the relays. Then you've got two bolts holding the shroud to the radiator, and finally there is a vacuum line that is probably pressed in on the drivers side running down the contour of the fan (I think two clips..) Pull up and the shroud is yours.
The turbo is slightly more work as you have to take off a few air hoses, but then you can replace the whole thing. If you pull the NA fan, just unscrew the 4 bolts holding it in and just take the fan.
At my Junkyard, the fan is $15, and if you take the shroud too it adds $10. Much better than the $400 or so you've likely been quoted.
Finally, how did you verify the motor has burned up? You've run power to the cables directly, or it just doesn't turn on anymore? If the latter, it might be the relay, so try powering it directly before you replace it all..
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If you're not driving it "like its stolen," are you really driving?
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