As mentioned, the wheels won't fit.

As for other things to watch out for: Rust. As with most old cars, severe rust is not economically fixable. You are better off passing on a really rusty car, or picking it up for parts if you have the room/desire/understanding or distant neighbors. PV's are 'pre-safety' Volvo designs, and thus they aren't as overbuilt as 122/1800/140/etc. Unlike the later cars, rust can quickly become structural in nature on a PV.

Some of the most critical and rust prone areas:
- The front frame spars - especially near the firewall and underneath the floorboards - around where the pedal pivot goes through the frame. Rust much metal away from the bottom back side of the front spar and it gets floppy, and then progresses to collapse though combination of stress cracking and rust. Once wrecked cars also have issues with the spars - because of their construction they don't dissapate stress well, and damage (i.e. bending) is not well isolated.
-The central rear suspension mounts - the trans tunnels have a floor running most of their length which is skilled at catching salty road spray and keeping it safe from washing. The rear suspension consists of two lower diagonal arms that angle inwards to the rear of the trans tunnel. And there are two short torque rods mounted to the top of the diff that run forward to the end of the trans tunnel. So basically, all the foreward/backward/twisting forces on the axle are concentrated in that little piece of the body in a rust prone area.
-Rear spring perches - The subframes are fewer and lighter in a PV, including the rear subframing. The rear springs sit on little perches that are prone to rusting - I think I've seen more dead PV's in junkyards with the rear springs shot through into the trunk area than for any other obvious reason.

As usual for Volvo's, mechanical things are for the most part not much of an issue. The parts are still available (I'm not as well versed in B16 parts, though, but I gather that stock replacement parts are not too hard to get) although mostly via the internet now, not via local parts stores.

I've owned/extensively driven 122's (4dr and wagon), 1800s (two E's), and 140's (145s and 145e) and for some reason I find my PV to be more enjoyable than any of them were.
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I'm JohnMc, and I approved this message.