Hi Bob. Your '89 240 with B230F and AW70 trans has a very similar power train to your '95 940 B230FD and AW71L so will run at similar rpm at the same road speeds with one major exception and that's the lockup torque converter that kicks in at around 80 kph. The first thing to figure with the 240 once you get it running is if it shifts up into overdrive 4th. A good trans fluid flush would perhaps be something to put on the do-list if the shifting was of concern to the previous owner.

Some basic diagnostic testing will hopefully soon have you on the trail of the no-start. Same LH 2.4 diagnostic system so once you've verified fuel pump noise for the in-tank and main pump when switching the key on then start by checking for any codes at the diagnostic connector and doing the OBD diagnostic tests as described in the FAQ. A classic no-start that previous owners often miss is a bad CPS, so inspect the cable carefully at the standoff clips and especially down at the bellhousing. Wouldn't take long to swap in a known good spare CPS if you have one.
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Dave -still with 940's, prev 740/240/140/120 You'd think I'd have learned by now

A few quick thoughts:
The car needs to be started and condition evaluated. If it is indeed revving too high at high speeds it could be a fault in the OD system that is preventing the transmission from shifting from 3rd to OD. Common 240 problem. Could be a faulty OD relay, damaged/corroded OD wiring or far less likely a bad OD solenoid. Been there - My 90 240 had that problem. In my case, it was corroded wiring near the transmission.

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Will I buy another Volvo??? We'll see....

A 1989 244 with automatic has a rear differential ratio of 3.73 -- a rather low ratio. Overdrive converts that to a more reasonable cruising ratio. My guess is the former owner never experienced it going into overdrive -- although, except for increased noise and more gas consumption, the engine can run at highway speeds all day even without overdrive. -- Dave