91 744 SE models were available with a M46, but are VERY rare. My first Volvo was a 91 744ti SE, M46, Red w/black leather. I paid $9100 in Aug of 97 with 76000 miles. It was totaled on Dec 31, 99 with 114,500 miles. Insurance paid me $9488 for it minus $500 deductible (and my dad said I'd loose money financing a car!). When it was totaled I was told after research only 5 were brought into the US in 91 that were SE designated Turbos with a M46 tranny (from a sound source, but was not 100% sure, more like 90%). Only 2 were red with black interiors. Numerous SE models were autos. That's why the insurance company paid out so much for the car. Originally they offered 6500 with subtracting the deductible.

I now own the other red 91 SE, only it's a bit different. Looks identical but doesn't have leather, but does have cruise. Both of mine had grey bumpers, 15" turbo wheels, and look identical to a standard turbo model. I believe the SE was a package offering the power sunroof, heated seats, 1031 axle (heavy duty w/limited slip), and a firmer suspension. I believe the painted bumpers and ground effects, and spoiler were options. Known as the Aero Kit, the parts are still available from Volvo Parts.

My first 91 SE
http://www.brickboard.com/GALLERY/images/298.jpg
My second (current) 91 SE
http://www.brickboard.com/GALLERY/images/1212.jpg

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MD