I have a 1995 850 turbo, currently at 165K - I bought it at 69K four years ago. All I've had done to this car besides regular maintenance/upkeep work is... Um, I actually have to think. I had a few oil leak issues - the first was the turbo oil return line gasket ($70 at a local indy shop), the next was (I think) the oil line connecting to the radiator (maybe that's what he told me?) went bad and I had a river of oil under the car ($300 all said and done) and the last was some valve that was sticking and causing a pesky oil drip and blue smoke out the tailpipe.
Like the vague descriptions? Obviously I'm no mechanic, just a driver :-)
I should really find out that last leak repair and post it, it was tricky for my mechanic to find, and it hasn't leaked a drop since - maybe some others here have the same problem, oil leaks seem common is this model.
Oh, and my AC doesn't work. Local dealer claims evaporator @ $1800 (of course,) I'm taking that with a grain of salt, one day I'll get another opinion.
Other than those, I've had no problems aside from the recent minor flooding debacle that I posted a few days ago. I'll be needing shocks and struts soon, and I go thru tires like nobody's business...
This is my third Volvo ('79 244DL and '88 240), and by far the best. I have no complaints.
Best of luck with it!