For $4500, buy a low mileage 1994 or 1995 940 turbo sedan or wagon. This was the last of the Volvo 4-cylinder turbos, and all experiences point to it being the best and most evolved. The engine is a B230FT with a Mitsubishi TDH05 turbocharger. 162 horsepower and almost 190 ft.-lbs. of torque. V6 power with 4-cylinder fuel economy.

I've driven a couple in years past that have belonged to friends and co-workers. Fast (0-60 in about 8 seconds), very comfortable, more interior and leg room than a 240. Best thing about 'em is that the engine and drive train are the same bulletproof combo used since 1986 in the 240 and 740 series cars. 1990+ engines have thicker rods and larger bearings. The 1995 engine has longer piston skirts and piston oil coolers, in addition to the improvements of the early 90's motors. You can't find this motor ('95) in a 240 or 740.