Just bought a new-used 1989 740GLE 16v: 197,000 miles, but in great condition, (literally) driven by a little old lady who had it serviced every 5K by the dealer (and did all the other work they recommended).

After I got it, I took it to a local Volvo mechanic to have it looked over anyway. He gave me a list of things that he saw, some of which are unimportant (e.g.: clear plastic cover missing at shifter). But others I wonder about:

1) I know I need a new timing belt (last replaced at 149K), but he tells me I need a 2 piece belt that will cost $450 to install ... does this sound right?!? Also tells me that the lower timing belt cover has a hole ... should this be replaced?

2) Tells me the torque arm bushings are marginal and the rear supension control arm bushings are cracked ... how important is this repair?

3) Tells me he gets an error code DTC232 ... what is this?

4) Tells me the original radiator and heater valve should be replaced ...

Am I dealing with a very conscientious mechanic, or .....

Thanks for any help to a newbie (BTW, I LOVE the car ... have wanted one for a while!!!)