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Turning the photo of the car upside down doesn't give us a view of the under-carriage. ;)
But it is a beautiful car. If the "frame" is gone then it is junk. But if it is just rockers and floor pan, then it would require a major rebuilding. Time consuming, if not costly. Volvo did improve its rust proofing in later years. '89's and up seem to be designed to last another 20 years. Don't know about '88s.
I would strip it for parts if the body can't be saved.
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1980 245 Canadian B21A with SU carb but electronic ignition and M46 trans in Brampton, Ont.
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