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If your 740 does NOT have an Air Mass Meter in the same relative place as the one on your '85 240 (between the air filter box and throttle body), then you have a Regina fuel system.
The O2 sensor is pricey, but will probably outlive a conventional Bosch type. Don't let anyone sell you a "universal" sensor. AFAIK, the regina sensor (titania based) is unique to our Volvos, plus some older Jeeps, Eagle Premiers, and Nissans.
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Bruce Young '93 940-NA (current) — 240s (one V8) — 140s — 122s — since '63.
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