Unfortunately, the rear trailing arm bushings go bad more than the others and are very important. I bought the special tool ($165) and a harbor freight 12 ton press ($99) for less than a shop wanted to repalce just the rear trailing arm bushings ($300). I was able to replace most of the rear bushings and that made the ride much better and quieter. If I did it again, I'd try making the homemade tool (see archives) and get the 20 ton Harbor freight press.

agree with bob's post..i replaced almost all the bushings on my 91 240 with 260k miles about one year ago. The only bushing i did not replace is the rearmost bushing on the rear control arm...it is attached to the axle and requires a special tool.

I have access to a lift and a press, so I did not require any outside assistance. having a lift and some jiggle jacks makes the job a WHOLE lot easier because there are times when you have to support the axle etc..

Would highly recommend the urethane bushings, AT LEAST for the sway bar link pins!!!

I replaced everything except rear control arm bushings. Took them all to an auto mechanic with a press and had him do the work. Next time, I'm going to a machine shop, cause it cost me $80 to have about an hour of work done.

So the one's you can do off the car are... all front control arm bushings, rear torque rod bushings, and I think, the front set of rear control arm bushings. The rear set are the ones attached to the axle that you need to build this special tool to remove... Or pay the dealer big bucks.
http://www-ese.fnal.gov/People/wilcer/volvo_trailing_arm_bushing_tool.htm