Manual trannies are rare, so assume automatic. Check the service records for Tbelt replacement, you will want to replace it at 70K intervals at this mileage. Yes, the engine bay is cramped, to say the least. The Mitsu turbo is long lived and will last as long as the engine.

The dealers never touch vacuum lines and they will need to be replaced. Look for oil separator/PCV work, that should be done at 150K or so. Always use synthetic engine oil - maker doesn't matter in my book.

The rear brakes tend to wear fast in the early S/V40s.

The heater core is a 2-3 hour job, the dash stays in place. The cabin filter is hard to get to.

It is a cheap car to begin with, so less than book value. Feel real lucky if you get to 300K. There will not be any rust on the body panels as they are glavanized on both sides.

I also agree that a good 850 beats the V40 hands down - more space and not much larger.
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My back feels better when I sit in a Volvo seat