Just got my '92 wagon ready for inspection tommorrow at the dealer (they still do the most comprehensive 240 inspections around here). I have only failed once, and that was for a bad torque rod bushing several years ago.

Minor fixes for inspection this year, at 283,454 miles, included:

1. Tailgate lip rust- cut out, neutralized, glassed, and undercoated. Not beautiful but quite functional. Tailgate underfloor compartment is dry again for a few more years!

2. Torque rod replacement- had suspect (cracked)bushing on L rod so I swapped it with one from a parts car with good bushings.

3. License plate light out due to corrosion of contacts. Cleaned contacts and used a dab of RTV to keep it mounted up in the gate where it belongs.

4. Intermitent bulb warning light (with all lights working) due to corroded brake light bulb/socket contacts. Replaced entire bulb and socket. Lived with that annoyance for too long.

5. Adjust parking brake to within spec.

The Volvo techs at my dealer actually get excited by old 240s. Hope they have fun. 300,000 miles here we come.
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'92 240 wagon, 270k, '88 240 sedan 281k