Stacey,

I've installed the this sensor in my 87 745T ... actually the version with a slightly longer harness wire. This gave me more wire to work with on the 745. With the old Volvo end plug sliced on, it has functioned normally without any problems. That sensor ran about 42 bucks at Autozone. The shorter harness Mustang sensor, which should be plenty long enough for the 240, runs about $37. Aside from the end plug these three wire Bosch O2 sensors are all same. Do crimp the connections ,as previously posted, and seal them with heat shrink. The only thing you get for all those addtional bucks by buying the Volvo(Bosch) sensor is the harness connection plug. I'm not 100% certain about the 92 24O, but if it's running Bosch Fuel Injection with a three wire Bosch sensor, this should work without any problems.