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Conrats on your new acquisition!
Having done 3 240's, my 'standard upgrade' is this: IPD sway bars, Boge Turbo gas shocks/struts front + rear, new rear A-arm bushings, new ball joints, new urethane torque rod bushings, new trailing arm axle bushings. Then replace all fluids (oil, diff oil, and an auto trans flush), and filters. New distributor cap, rotor, plugs + wires. New flame trap! Either disconnect the air hose from the exhaust manifold 'stove', or open up (remove) the air filter box, remove the thermostatic actuator, and wire the flapper door to only take cool air. Renew the brake fluid with fresh DOT 4, and check the pads for wear. If unsure of the timing belt age, replace it and the tensioner, and all front seals. Even with the IPD bars, if you do most of this simple work yourself, it'll take about 3 easy weekends and maybe $600.
For a bit more steering response and a teensy bit more harshness, add the strut-firewall braces from IPD for about $40. None of the above suspension mods will add noticeable harshness, only crispness which even the non-gearhead fairer sex can appreciate.
I picked up a '91 244 for my boys last summer, and did the above tweaks, and also added 15" alloys with 205/60-15 Yokos. My wife's first Volvo was an '88 245, and she now drives a '97 855, but she LOVES the 244 and remarks how nicely it drives. (But the '92 245 with a cam and other goodies is out here in AZ with ME!)
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