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You need to take off the Tbelt cover and have a look for yourself. It has slide in tabs on the bottom, so be careful when putting it back.
Check the back side of the belt and look for cracking in the ribs. Also, get a flashlight and take a good look at the tensioner. The hydraulic one is black and looks like a small strut. The manual tensioner looks like an aluminum box.
In the 1999, I am not worried about the belt as much as the manual tensioner. The first examples fell apart and took the engines with them. Usually around 70-80K miles, past warranty.
Your AWD has a bevel gear, its fluid MUST be flushed every 50K miles. But there is no drain plug. There is a method to bore a hole through the case through the bottom case bolt and use that as a drain. This has become common practice and your mechanic should be familiar with it.
Klaus
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Proud owner of a 220S. If I had more room, I would have more Volvos.
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