If you have a LOT more time than money, then for about $50-70 in materials you can remove the dash from the car, purchase vinyl from an auto upholstery supplier, padding sheets from Hobby Lobby, a can of Bondo, and a can of contact cement and recover it yourself. Also, being able to go this route is predicated upon the lower dash pad being in not-too-far-gone condition as it actually needs to stay in place and be patched up and recovered. The upper pad gets completely removed down to the metal and reconstructed back up from that point.

This task is not rocket science but, as Planetmen says, it's a LOT OF WORK. I'm still not done!! But the dash is sitting on the bench ready to be reinstalled. I'm just having to straighten out a bunch of the PO's Mickey Mouse wiring repairs before I can reinstall it. In the mean time it's looking pretty nice on the work bench..... I'd give the end result a 9 out of 10.
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Current rides: 2005 Volvo S80 2.5T, 2003 Volvo V70 2.4NA, 1973 Volvo 1800ES (getting ever closer to road worthiness)