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You should have no problem. I don't know anything about carburated engines, but I suspect you might have to adjust the fuel mixture to be very slightly rich to use E10. Perhaps not; you might not need to adjust anything.
Volvo has been aware that it's drivers might use E10 for many years, your car will almost certainly be completely safe for 10% ethanol.
As for the octane, which rating are you using? All U.S. 240s are designed to use a minimum of 87 oct., but we use AKI which equals (RON+MON)/2. However, they are "opimized" to use AKI 91 oct., which means that they will probably see no benefit from anything higher than 91 oct.
If your car is the same (optimized to use 91 oct.) then you will see no benefit from 95 oct. However, keep in mind that we might use a different octane rating than you do.
I hope that wasn't too confusing.
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'93 244: 'A' cam 4 deg. advanced, 25/22 sways, custom heim endlinks, poly bushings, and a lot more styling customization than I care to recount.
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