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I have a 1998 V70 with about the same mileage as yours, but the manual says change the timing belt at 70K OR 7-years. Not only did I have the serpentine and timing belts changed, but I also had the tensioner replaced. I have seen horror stories in different forums so I decided that it might be a cheaper investment than having an overhaul if the tensioner breaks and ruins the pistons.
I had it done by an independent Volvo specialist in Southern California. Let me know if you're in the Los Angeles area.
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