Aaron Buckley wrote:
I think with a V70 (as Chris well knows as we both currently/have owned '94 855T's) that it's one of three things:
1. Upstream 02 sensor
2. PCV System - which needs an entire replacement about every 100k - no $10 PCV valves for these creative Swedes

3. Vacuum leak
The catalytic converter in these cars rarely go bad. I replaced so many things on my 855T (850 Turbo Wagon for those who don't speak Volvo language) that I felt like I rebuilt the car over the 3+ years of ownership. The funny thing is I still sort of miss it as it was super handy and pretty fast for a 3500# tank. - AB
I am taking a code reader with me. These are the common faults that I expect as well that could explain the code. I'm hoping for a vacuum leak at the intake manifold which is very common for these cars. Good to know about the cats in these cars. I was concerned that it would be like bimmer cats ($$$). I did the PCV system on our 855T, but I will certainly take the dipstick out while it's running and see if it's sucking air or blowing air. I could do the PCV again, but I'd prefer not to.
Basically I'm just looking for something to replace our 855T as an occasional baby carrier/home depot hauler. The number of issues with the 855T are piling up to the point that I don't want to deal with it anymore.