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Depends on what you want, of course. For reliability and a galvanized body, get the latest clean 740 or 940 4 cylinder non-turbo you can find with complete service records. High mileage should not be a major deterrent but the lower the better, naturally. Go for one with the least amount of options and a solid axle in the rear. See http://engphys.mcmaster.ca/~bill/volvo/database/700cars.htm
for a model list. If an automatic transmission is acceptable, up to 1995 is available. 1991 is the latest manual transmission car. The turbo and the 16 valve engines are fine too but require a bit more in service cost, but not much really on a per mile basis if you keep on top of maintenance. Recent 6 cylinder models are fine too but tend to be more expensive to maintain.
Bill
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Volvo Info Site 1990 745GLE 16valve
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