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Ummmmm...how many miles, how much of a service history? Was the oil changed as recommended?
Sure, could be rings. Or maybe the valve guides, they're more common. Is your mechanic a Volvo mechanic? My '98 still uses absolutely no oil between changes at 154,000 miles.
The ABS module is a common failure. So common that there is a guy here who fixes 'em for a fraction of the cost of a new unit. Use the search function, above, for details.
-BTC
'98 V70 T5 5-speed, "winter beater/RR station car/NYC car", 154k mi, front IPD stabilizer bar, rear factory HD bar, Bilstein HD, Volvo strut tower brace and skidplate, e-codes, V-1, Mobil-1 since new, Michelin Arctic Alpins
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