It's been a while since I've written anything, I know...but here's something to write about... This is my third Volvo (2nd wagon and 2nd turbo) and by far the best of the three.
Standard Equipment? -
I found a very well maintained 91 940 Turbo Wagon, which comes only one way - FULLY LOADED! Sunroof, Power heated seats, ABS, Airbag, 16" Alloys, integrated front and REAR fog lights...basically everything. That's the blessing and the curse, of course - more things to enjoy and more things to go wrong.
Troublespots -
The 940 Turbo had three recalls in 91 if memory serves - a seat belt tensioner, fuel pump, and a problem with the ECU I believe. The ECU can be a very expensive fix (about $1000) and the fuel pump could be as well ($400). Other classic Volvo problems can also be encountered such as sticky window regulators (incidents directly proportional to the number of creatures being transported and types of food being consumed).
Turbos can also be problematic if not properly maintained. Change the oil at least every 5K miles and cool down the car properly EVERYTIME before you turn it off. not doing this is the single biggest killer of Turbos and the fix is the easiest and cheapest you could ever hope for. Before turning off the car after reaching your destination - simply let the engine idle for at least 30 seconds (preferably a minute) and you can rest assured that you are getting thousands of additional miles in return. The oil has a chance to properly cool down the turbo if allowed to circulate for a bit.
Bright Spots -
It has been said that the 940 Turbo Wagon is the apogee of the rear-drive Volvo evolution. The culmination of the lessons learned from the 240 and 740 series and the best of both. I have also heard it stated that the wagon actually handles better than the sedan because of the weight distribution. I can tell you that after driving it about 2000 miles that it handles great given the approximately 3400 pound curb weight. The 162 bhp (190 lb. ft. of torque) can move you off the line at a rather brisk pace if you're so inclined. The standard 12 psi of turbo boost also enable quick overtaking on the highway. Being a rear-wheel drive with a long wheelbase you need to be careful of snap oversteer, especially when it's raining. You can swap ends in a heart beat with your foot firmly planted, so take it slow until you get the feel for it.
High Performance Volvo? -
You better believe it! There's a great aftermarket performance company that I and many of my friends have patronized over the years - ipd. They are the quintessential Volvo experts. Take a look at their comprehensive product line on their great web site: http://www.ipdusa.com. I have no affiliation with them, but I have used their products and can attest to the quality and value. I would start out with a set of the famous "transform-your-Volvo-into-a-Porsche" ipd sway bars. These are amazing. The next thing you might want to consider is a chassis stiffening kit, lowering springs and a set of new shocks - they have it all. Go for a K&N air filter and you're set with a great handling and safer wagon that'll be more predictable on the road (plus more fun in the twisty bits).
I highly recommend the 940 Turbo Wagon - if you can find one. There are a few out there, but be picky. If it has a lot of miles (or even if it doesn't) take it to a reputable shop that you trust and have them check it out. Also, do a CarFax report on it to make sure you don't get burned with a Salvage car from another state. Call the Volvo dealer and give them the VIN number so that they can check the service history. Be choosy and you can end up with a reliable automotive companion...for life.
Happy Motoring...
Amount Paid (US$): 6000
Condition: Used
Model Year: 1991
Model and Options: 940 Turbo Wagon