Karl - Go to a reputable dealer and ask them how much it costs to check out your car. They have a comprehensive checklist that they use to qualify cars to be "certified used cars".

My dealer charges two hours labor to do this entire checklist including a compression check. It could be $136 well spent.

I've gone this route with 4 cars now. Even if the car does not do too well on this check, you can use this evaluation to plan the restoration of your Volvo. Some times repairs can be bundled together to save money. A simple example would be to change the serpentine belt when you have the timing belt changed - if you do, you should not have to pay any labor if the belt must be removed and refitted during the process anyway.

By the way, one of the better way to bring your car into shape is to see if one of the major services will address many of your car's ailments. Usually a lot can be done with relative economy.

Unfortunately you are spending what I call "Volvo Dollars", That is, no matter how old your Volvo is, it was quite expensive when it was new, and new parts are quite dear.