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Hello,
My 1986 740 water pump went in exactly the same way. The cooling water just poured out from the pump area and virtually emptied it out as soon as I had re filled it. I drove it about 3 miles to the mechanic and kept stopping and pouring more water in and he fitted a new water pump as the old one had totally gone. It was a cheap repair about £75.00 UK pounds.
I learnt a very good lesson. Always replace the water pump when you buy a used volvo if you dont know if the pump was replaced recently. It could cost you a headgasket if you dont realize there is no coolant and it gets way too hot.
The same thing happened to my Dads 1985 240GL. No harm done, he realized before it was too late.
I would now do my own waterpump replacement as I fixed my Dads 240 for him and found it quite a straightforward job with a repair manual.
Here is a rough quide.
Undo the two screws on top of the radiator fan shroud and remove shroud. Pull it up.
undo the 4 nuts on the back of the fan and pull fan towards radiator.
slacken the pulley belts by using the tensioner screws and remove belts.
pull off the pulley on the water pump shaft.
Remove upper timing belt cover, 2 bolts. screw on top at rear of cover. (all visible)
remove bottom radiator hose from pump.
Undu the pump bolts and remove pump. may need to give the pump a gentle tap to free it.
Fit the upper rubber seal on the top of the new pump. Fits into hole at top of pump.
Fit the gasket onto the back of the pump. I used RTV sealant on the fibre gasket on both faces to make it totally leak free.
I then fitted the o ring onto the heater pipe at the side of the pump and then cleaned the mating surfaces of the engine and head and then offered the new pump into position making sure the o ring on the pipe at the back of the pump makes a good seal and the o ring dosent slide along the pipe.
Next tighten the pump nuts up loosely and then use a bar or long screwdriver to lever the pump up to compress the rubber seal on top of the pump, and at the same time tighten the nuts up.
Continue assembly in the reverse order and then fill the cooling system with new antifreeze/water 50/50. Run the engine and continue filling until all air is out and the heater is blowing hot air. Check level later on and top up if neccesary.
Good luck Kyle 123.
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