I have goten replacement keys both ways.

The dealer with create a key on a factory blank using a machine that needs a code. The code comes from the VIN. So if your lock is the same as when new, the key will work. Same goes for pre-1986 240 glove box keys.

A factory blank is steel, the one at the corner hardware store is brass. A wise hardware store key-maker will refuse to cut your factory blank, since his machine will likely be ruined on the steel.

The copy I got at the hareware store is large black head and looks quite similar to the one from the dealer, just no "Volvo" on it. It is brass.

Good Luck,

Bob

:>)
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240s: 1986 244GL, 1988 244GL, and 5 others.