You may be quite correct. After sleeping on it, I recall another 5 cyl engine that ran out of coolant. It turned out that the aluminum race the camshafts sit in warped. Not pretty. The owner opted for a new engine rather than just a head, not knowing if the top of the block itself warped.
Still, a gallon of Zerex to fill the engine is not costly and might be worth a try?? It is your call.
Replacement car? https://hartford.craigslist.org/cto/d/hartford-volvo-s/6783358398.html
Or something more fun:
https://newhaven.craigslist.org/cto/d/north-haven-2008-volvo-c30-t5-ct/6802057760.html
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Keeping it running is better than buying new
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