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I've done this a few times, Halifax is not kind to Volvos (or anything else that's not plastic, for that matter). I purchased replacement rocker panels through UAP/NAPA for about $38/side, as they're made to fit either 2 or 4 door you'll have to notch them out around the B-pillars. I did rivet a set in prior to having access to a welder, didn't look too bad when hammered down & skimmed with fill but welding is much easier & cleaner. Get all your sheet metal cut & fitted - you'll need to build up the edges of the floor & into the inner rockers with L-shaped pieces of metal beaten into submission/shape. You want to be into thick, rust-free metal, overlapping slightly (unless you are one of the skilled few who can butt-weld metal properly). I used 20-gauge, a bit heavy to work into shape but manageable. Fit everything & grind away old paint/fill/rust/undercoating around the edges of the existing metal. Use just enough rivets to secure things in place. Then rent yourself a mig welder for a Saturday & learn to weld. It'll go really quickly if you've got everything fitted & cleaned up properly. Be sure to get enough penetration with the welds, though - it sucks to have to do a lot of grinding down afterward, and it sucks more when the welds start popping apart a month later. You'll know when you've got the right combination of wire speed & power - sounds like eggs frying, doesn't spatter, weld is nice & even/flush, and you're not burning through. A continuous welded seam is ideal but unlikely. Solid spot welds a few inches apart are fine, sealed up with seam sealer (like caulking, also available at NAPA, pretty cheap). Then some POR-15 if you want to make the repair really permanent, and undercoat the repaired floor area. This'll help with sound insulation as well as protecting the repaired area. Use a decent quality undercoating product though, the cheap stuff ends up peeling off & holding water against the metal - worse than leaving it bare.
Good luck! It's manageable! Just be patient & expect to have to do more work than you first think.
-Chris
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