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I have a 90 745 16v. 145k miles.
I don't know about long term reliablility but... I will say that I think it is a good engine. Mine leeks oil behind the distributor too. I just don't worry about it. It is a little more expensive to own, with Tbelt, balance shaft belts and everything. A lot of the parts are different, usually a little more expensive. Parts are often hard to find used. I say keep the 16v but change the Tbelt, oil pump bolt etc. Don't skimp on the maintenance!
Good engine, keep it.
just my opinion.
Good luck either way
- Nate
this site has some good pics and info. http://engphys.mcmaster.ca/~bill/volvo/image_db/b234f.htm
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