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I don't know what you mean by cheap, but common power mods are a more aggressive camshaft (check IPD's site), and a lighter flywheel. You'll sacrifice a little smoothness in the idle with a lighter flywheel, but it shouldn't be too bad if you keep everything well tuned. A free mod you can do pretty easily is beveling your throttle plate, and cutting its screws down to improve airflow through the throttle body. Check this website for ideas on modifications: http://www3.bc.sympatico.ca/Volvo_Books/archive.html
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