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I converted our 1990 740 Turbo wagon to R134a when we bought it about 3 years ago. Purchased the car with non-working A/C (and a bunch of other known issues) at a wholesale auction in Texas. Replaced the compressor, all o-rings, receiver/drier, etc with components designed to work with 134. Parts cost was less than $900. Took maybe 8 hours to install everything and charge the system - did it myself w/o a manual - hopefully less time for an experienced tech. A/C blows at 41 degrees F on a 95+ degree day.
You might also check the HVAC control module - they are starting to show up with bad grounds - this will cause the A/C to stop working - expect replacement to cost $800 at the dealer, $500-600 at an independent shop. OUCH!
HMMM...don't have to ask why I'll take a my 240 over my 740, do you?
Hope this helps.
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