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Hi Randy,
Yes, the timing belt should be done immediately as you suggested. However, before jumping to conclusions, look around under the hood for a timing belt change sticker to verify if and when it was done. I have never owned a P2 V70 (2001-2007) but did consider buying one and drove many. My parents had a 2001 V70. Best years are generally considered to be 2005-2007 - relay that to your friend...:) I don't know the exact timing belt interval but it is probably around 105k. So, it has probably been done once. Also, normally the water pump is done at the second timing belt change. About 210k if on schedule.
The replaced fuel pump and sending unit seem premature. Usually, like RWD Volvos, those parts last a very long time.
Check the engine mounts (particularly the visible top sway mount) for worn rubber. Check around the PCV system for oil leaks. Easy access - Faces towards the front of the car (transverse mount engine). Running synthetic motor oil is highly recommended to prevent PCV problems and maximize engine life.
These are good cars but certainly not as cheap to maintain as the RWD cars!
Jim
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Will I buy another Volvo??? We'll see....
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