The serious issues are the AC evaporator replacement of which requires removing everything between the front seats and firewall, and the AT. The evaporator is a $1200 repair, (cheap in comparison to a Mercedes w124 300e where it costs $3000). The timing belt MUST be replaced every 70,000 miles, and the TB tensioner and TB idler should be replaced at the 140,000 mile change.

Otherwise ... what happened recently? Seized brake caliper, radiator, heater core, thermostat, ABS module. In addition to routine stuff like the struts, shocks and brakes. Beyond routine maintenance and replacements, figure on averaging at least one unexpected $500 repair every 6 months/6000 miles, or one $1000 repair every 12/12000.

For a listing of the common problems see the surveys at Kino's website. Some, common failures, like the talegate, are trivial.

http://kinovolvo.velez.ws/

If I were looking at a '94. I'd run away unless there were a large stack of service invoices from a Volvo dealer or an indy Volvo shop.

-Bill