I'd be most interested in the condition of my engine and transmission, the $$$$ components. Why not have a "pre-purchase" inspection done with a compression test and oil pressure check? If it has decent comperession and oil pressure why not just keep shooting parts into it? Highway driving is about the easiest on a car, except for all the stone chips. So if it still has compression and oil pressure, I'd be inclined to fix things but because of Murphy's Law I'd also considering getting a "fun" but reliable "backup car", something like a Miata or RSX.

I have less than half your mileage on my '98, and I recently bought a new Acura because of the "hassle factor" of renting a car every time something needs service or breaks on the Volvo. I'm still putting about 75% of my mileage on the Volvo. Driving it I feel a certain amount of freedom, I don't worry about the stone chips and the door dings when I drive it. I also have the AAA "Plus" membership with 100 miles of free towing, and I've used that twice in the last 2 years.

-Punx

'98 V70T5M, 137k mi., iPd stabilizer bars, Volvo strut tower brace and skidplate, Bilstein HD struts and shocks, Valentine-1, Mobil-1 always, e-code headlight lenses, Michelin Arctic Alpins