The 940 models were one of Volvo's best, reliability and maintenance wise.

Aside from the comments you've already received, I'm a big fan of the 940 for a few additional reasons. I'll speak in terms of the 95 because that is the car you're looking at.

The car has:

Dual airbags
Dual pyrotechnical seatbelts (linked to airbag system)
ABS brakes
Locking differential (it SHOULD have one--they were all supposed to)
R134 air conditioning, which costs a lot less to service than older R12 systems
Slightly improved engine over earlier models (although the earlier ones were still very good)
Integrated child booster seat

The powertrain is one of the best as well. If you are looking at a well-maintained 940, it should for purposes of practical discussion, be one of the best used cars available. The consumer press rated the 95 940 as having excellent reliability.

Generally, the 940s are regarded well because they were the product of lessons learned for a LONG time. The powertrain was very solid and had been proven in hundreds of thousands of cars (at least). Plus the added safety features.

This isn't to say that the 240 isn't a fine car. Not in the least. But it could be thought of as a refined 240, with more safety and comfort features. Plus even MORE reliable than the very-reliable 240.

Overall, if you're prepared to keep the car up more or less by the book... it could last you a VERY long time. Or provide you with excellent resale value. One of the two. Or maybe even both.
--
Chris Herbst, near Chicago.