There is no profit in old Volvos, and there isn't really any such thing as a collectable 240, which is not to say having a 70's 242 isn't awesome.

When I was a college student I aquired a 77, 245 that hadn't run in about 8 years, so I've got a bit of experience on what you're doing. Which isn't to say I'm any kind of expert, but I have broken a lot of Volvo bits.

Firstly your fuel's an issue. It's going to have seperated into it's component parts, which will sludge up the K-Jet system, and things like the fuel distributor are expensive to have re-coed. Now most brickboarders will tell you to drain the tank and dispose of the old fuel. I take that a step further because your tank is probably rat shit by now. Unless it was stored brim full of fuel, it will have collected moisture and rusted out. The car will deceptively run on rust for ages too, until it doesn't.

Your in-tank pump will be on the way out, as will the level sender and the feed hoses will have picked up some perforations that suck vapour on a half full tank and then you start bucking on hills, then on the flat, then not running at all.

So spend a hundred bucks at a decent Volvo wrecker and buy a complete rust free tank , with all intact hoses, intank pump and sender. It'll save you a lot of hassle. It's a bolt-in swap (sort of) Pop the sending ring and check it before you buy.

One of the weak spots you have to worry about with redblock Volvos is that while they have a great bottom end, the alloy head is a concern. When I pulled my Volvo out of storage, the coolant was clear, because over the years the green stuff had seperated from the water and pooled at the bottom of the system. This is bad news, because it allows water to go to work on the coolant passages with no chemical inhibitor. The upshot of that is that the coolant had eaten away the water jacket right through into the combustion chamber and oil galleries. Check your head carefully, it may be ready to blow

And yeah your brakes are shot, but you knew that.

Anything rubber in the suspension and driveline is probably RS as well, but that's not critical to start off with, you'll just have some thuds, clunks and creaks to diagnose as you go.

Electrically, you picked a damn good year, after about 81 (I think) Volvo started making their wiring insulation out of a tasty but useless lemon meringue , which crumbles away and leaves you all kinds of bizzare symptoms I'll bet you a round that just about all your electrics still work.

Old points distributors are very rare on 240s, you probably got breakerless ignition. That's good news because it's a very difficult system to kill. At the end of the world when only cockroaches and Keith Richards still standing, your Volvo will still spark.

Be prepared for things like the alternator to die at inconveniant times too, the usual things that go wrong with old cars. It'll come home on a tow truck a few times before you start winning.
--
A smart bomb. The bomb teaches Shakespearean sonnets, ancient cuneiform, relativity, and the Tibetan language. It may know other things. It has no tolerance for rudeness, so ask nicely.