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If this car has been well maintained, you should expect another 70,000 miles of service before major systems begin to wear out and fail. The engine and transmission are identical to what is under the hood of your 240, and IMHO the Regina fuel injection system is more reliable than any version of the Bosch LH-Jetronic systems that were used in the 200 series cars.
One big item to consider on a Volvo of this age is the cooling system. To elaborate, the factory installed radiators employ an aluminum core with plastic end tanks. Result is that the radiators have an effective service life of anywhere from 8-12 years. The heater control valve is another plastic wonder on these cars with a service life of about the same length. When they go, the rapid loss of coolant can cause the engine to overheat and take out the headgasket and/or warp the cylinder head in the time that it takes you to pull over and shut down. So, if the work hasn't already been done, you might want to budget a new radiator, new hoses and a new heater control valve for this car.
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