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It's true that the greenie-weenie folks driving around in old VW's aren't running the slightest bit "green". No cats and the invariably poorly tuned engine makes for foul emissions.
However, I don't think early 1970's data apply when considering 240's. Once you get O2 sensors and cat converters (pretty much all 240's), the equation changes quite a bit.
Just compared my 5-spd 1990 245 to a current V70 on the EPA's site, and the "carbon footprint" is identical at 8.9 tons of CO2 per year. The '85 245 actually scored a little better.
So is an old Volvo green? Kinda. Hard to measure, though. The 240 might already be built, but it requires spare parts being constantly made.
Another thing to consider is what happens when you don't keep the old cars running. Scrapping all the electrical stuff is dirty business.
-Ryan
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