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Dear jenniferpage,
Good p.m. and may this find you well. According to the Volvo Tech Manual Body Fittings, 700/900, 1982-, the valance is the piece that is mounted under the bumper. The bumper is the black plasticized rubber piece, that is attached to the flat plates, at the end of the bumper shock absorbers. The bumper is immediately below the grill, the valance is attached to the underside of the bumper, using self-tapping screws.
Attached to the valance, there is a third piece - no name given in the manual - which appears to be the "air guide".
My guess is that you can get these parts at a salvage yard. Any car not in a front-end collision should have them. If you have access to a yard that allows you to remove the parts yourself - and you're minded to do that - let me know, and I'll set forth a step-by-step process.
I had to remove the bumper from my 940, as the mounting bracket on one side had separated from the bumper body.
My best guess is that you can drive as you need to, but watch the temp gauge. If it dwells above its normal resting place, try to find a way to let the engine cool. My guess is that until the heart of the summer, you've not too much to worry about, unless your towing a trailer.
Hope this helps.
Yours faithfully,
spook
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