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I've got a '94 850-Turbo sedan and it's been a pretty good car to me. I bought it used with 85k on the odo. The shift-lock release is one of the most common failures on the 850. Mine's broken, hasn't worked for quite some time. You have to push the override button to get out of park.
Also, the upper-engine mount can be a problem. Tends to break or get loose. Not to big of an issue, though.
Other than that, I can't think of any red flags to look for. Just make sure it's been serviced by a Volvo mechanic and get a pre-purchase inspection to be sure. Good luck.
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