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Regarding common issues on 850s, I wouldn't include some mentioned but instead say A/C evaporator (if this hasn't been replaced, absolutely assume it will die shortly -- also, when replaced, make sure they add the Volvo filter kit as originally these cars didn't come with a cabin filter) which is a very expensive (huge labor or a MAJOR PIA if you try DIY). Odometer plastic gears fail, but that's a relatively easy fix via IPD's $25 kit. Other stuff like control arm ball joints, strut mounts, etc, are not unexpected to be worn on a 120k+ mile car. Same with the E46 and E39s -- thrust bushings up front and for the iT (E39 at least) rear subframe bushings are almost always dead by 100k, and when owners replace them, they are shocked at difference.
We've had the 850R now for 15 years...bought it new in Mar of 1996, and it now has 154k miles. In the past 6 years it has only done occasional duty (maybe 2k miles/year average), but we've given it most anything it ever asked for, so everything works, but I have a huge file of all the receipts. The tranny is fine with no issues; fluid was changed about 6-7 years back, and it has never had any issues.
The Volan wheels on the R aren't very strong (bend easily), but they are sought after by the R fanatics. I have them stored (car came with 5, 3 are bent slightly) and bought later model R Pegasus wheels (8x17). Other than those, the only non-stock parts are IPD sway bars and Eibach camber bolts. These cars have 0 degree front camber stock, but I've set it up at -1.5 which works out much better (otherwise they wear outside fronts).
The tailgate is an issue with noise. Volvo came out with a kit to fix the trim mounting, but that only worked for a while. I bought a whole new rear panel, clips, etc, and that worked for a while, and now is creaking again. Typical on all these cars.
The 98-99 V70 wagons were really 850-based cars, but Volvo did a nice improvement on NVH, so those cars are quieter, more refined. If you can find a 1998 V70 T5, with maintenance records, etc, it might be the best of these.
One issue with these cars is trying to judge mileage-based concerns. A car with great maintenance records and 70k miles might actually be less desirable than one with 120k miles but has had all the typical big dollar stuff fixed (evaporator, a/c compressor, control arms, etc, etc).
_________________ Current stable: 2019 BMW M2 Competition slicktop 6MT 2011 BMW M3 sedan slicktop 6MT 2007 BMW 328i wagon (slushbox for now) 1975 CanAm 125MX2
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