Is it a 8 valve non turbo? these models are very good! I have a 1988 740 GLE Wagon (a whopping 363,400 miles on it) 8 valve non turbo AW-70 A.T., that just goes!!! I Pamper it, and even drive it a lot more than my 1996 nissan maxima SE! These vehicles are very safe, affordable, comfortable, reliable, and hard to beat! But maintenace is crucial, check for records and a timing belt sticker on the inside of the engine compartment and or timimg belt cover. I would aldo check that flame trap (Volvo's version of a PCV VALVE). I have another 1988 740 gle wagon (fully loaded) non turbo 8 valve. Once these little 8 valves get going you could maintain 85-90 mph on an average, its just the take off that is somewhat slower, but who cares! I average out to about 28-30 MPG, and 98% of my driving is on the hwy. Super unleaded always!! Leather conditioners, polishes, waxes, premium parts etc. In addition these cars are so easy to work on! The other members have a good point, check to see what type of engine that it has. My 8 valve is a non-interference engine, should the timing belt break, the engine won't get toasted, phew!! Keep us posted!!!

BEST REGARDS!!

(2) 1988 740 GLE Wagons NON-TURBO 8 VALVE AW-70 A.T. Full Amsoil lubrication/filtration Texaco Havoline ELC etc, strict maintenace!!!
Wagon #1 has 363,400 miles
Wagon #2 has 173,956 miles they both run excellent and their transmission shift so smooth, that the gears just blend into the shift!!! These cars are serious work horses!!!