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Congratulations on your new car.
I bought mine two weeks ago and have found lots of good advice and experience here.
The timing belt should have been changed at the 70,000 mile service. If you live near the car's servicing dealer, drop by and with the VIN they'll tell you what was done at that service. I did that with mine, (77k when I bought it) and was relieved to find it had been replaced as scheduled. I also found out what had been replaced or repaired during each of the car's scheduled services. Strut mounts, tranny mode switch, brakes, etc.
An item you might check is the upper engine stabilizer bushing. It's the rubber doughnut in the mount near the brake master cylinder. Inspect it closely as they are susceptible to cracking. Volvo replacements are inexpensive I understand and there are aftermarket bushings available. I ordered one from IPD for $26.
I really like my 850 turbo wagon. Smooth flat torque curve and deceptively fast. Lots of room for my 6'1" 210lbs.
Regards,
Erwin in Memphis
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