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I bought a 91 245SE for my daughter 2 years ago for $900 with 200K miles. Other than some issues with the corroding fuses it's been very reliable. As you know the 240 are pretty tolerant of abuse and easy to fix.
I have 90 745 for my other daughter, but I've had lots of trouble. I think the older Bosch ignition and FI systems are better (as in my 89's).
Personally I'm not a big fan of spending lots on a child's first car. If I weren't such a Volvo fan I think I'd go for an old Camry!
My ideal would be a later 940, the ones without the Rex Regina systems. Simple safe cars.
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744 & 745 GLE's (IPD a-sbars)16v M46, 245 SE(IPD a-sbars) auto, 242Ti M46(IPD springs and bars), 745GL 8v auto
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