I have been having overheating and loss of coolant problems. I thought it was the thermostat but after replacing that and refilling the coolant. I heard sqealing and after the engine reached operating temp. I noticed coolant spraying from engine and large puddle of coolant on the ground. hoses were dry. Is it the water pump and if so is it an easy fix? and what is a fair price for a water pump plus gaskets. I have seen on the net any were from $30 to $80.

1990 240DL 200k mi.

The squealing could be from a seizing water pump or from coolant spraying onto the belts.

Usually if the water pump is seizing, the water pump shaft is loose. That's a sure indication to get it out of there. But the water pump gaskets themselves are another likely cause. Any coolant "spraying" should be very easy to find. Common areas are the radiator itself, and the pump/pump gaskets. Although like David Hunter said, the pump doesn't usually shoot coolant all over the place, it typically leaks it out.

One quick note on water pumps: Either blow the money and get a Volvo pump, or buy a good aftermarket one. "Good" being the German HEPU brand, or GMB is likewise a quality piece. Although I like the former better. The remanufactured ones that you can get from parts stores often only save you a couple of bucks, and somtimes are even MORE expensive than a brand new one.

If it is the water pump, the replacement costs less than a tow (and whatever damage comes next from overheating). Radiators are more expensive but again, well worth the money. Even a cheap, new one is less to worry about than a broken old one.
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1992 940 wagon, 72k
make people envious; smile often.

Is it the water pump? Yes, only if the water is leaking from the water pump. There are other leak possibilities but you first must observe where the water is coming from. Don't mess with the pump if it is not leaking.

Water does not typically spray from the water pump. The usual water pump leaks will be a dribble from the weep hole at front under the shaft, at the top gasket between pump and head and at the pipe connection at rear of pump. All of these are easily observable when the leak is occuring.
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David Hunter

New German made water pump shows up on ebay from time to time for $32.
It is a relatively easy install. Need to remove 3 belts.