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I'm not an expert on 780s. However, I'll throw in my 0.02 worth. New fog light housing/lens units and the turn signal unit will set you back about $200. The fuel pump problem may be the in-tank pump - but this can't be any cheaper than the main pump to replace. Up to $300 or so if you do it yourself. I once priced a Volvo windshield at over $500 Canadian, so I'd guess $375 US. A/C - $200 to $1000+. About $1100 to $1900 before touching the engine and transmission, plus the $500 for the car.
I believe the '87s still had the solid rear axle. At 162,000 miles, the original Nivomat shocks will have been replaced. It's possible (even likely) that conventional springs and shocks were used in place of the self-leveling units.
If the car is as attractive cosmetically as you've indicated, you'll have a pretty special car for a couple grand.
A remanufactured V6 from Volvo is prohibitively expensive. I once thought about making an offer on an '87 780, until I had my dealer service manager quote me a price. $9000 CDN for a reman long-block!
An alternative: when the engine/tranmission fail, install a B230FT out of a wreck. I understand that used Volvo four-cylinders are reasonably priced because hardly anyone ever needs one.
My conclusion: A great project car if you can do most of the necessary work yourself.
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