Digging this thread up from the dead because I’m in love! I’m the OP, and I *did* follow through and find a volvo P80 wagon. After a long search, a cheap 1998 V70 AWD (Low pressure turbo) popped up close enough and cheap enough to jump on. Low price due to suspected rear main seal leak (which I was foolishly game to repair just to get one in my garage), clean body, low miles for $800. Limped it home 250 miles, hemorrhaging oil and stopping to top up. A ridiculously anal cleaning job made it much more presentable.
After some research, the suspected RMS leak turned out to be only a cam seal leak ($10 and 20 minutes). But it was not all unicorns and rainbows …
As suggested above, with limited service history, I set about the full “stage 0” maintenance list and dumped about $2k into various parts. PCV, heater core, all hoses & belts, fresh rotors/pads/hoses, all fluids, nice Continental tires, balance, and home alignment, and needed to replace a leaking steering rack. But throughout the maintenance repairs it was a joy to drive and just felt right, so I was hooked.
Then the fun began. Started researching and looking for fun bits. H&R front lowering springs, new struts, DIY “fooler blocks” to lower Nivomat self-leveling rear suspension (other options too $$$ at this point - it’s a cruiser).
The biggest win was getting what I believe is *the last* P80 AWD wagon IPD rear swaybay to be sold by IPD. I got a tip from an IPD employee that there was a basically new one used for test fitting, etc. that was under a desk in the office, and that guys’s number. Great conversation ensued, and although he had hopes of using it on a project of his own, he won the customer service of the century award by selling it to me for a reasonable price as a one-off item. I had him initial it with a sharpie to memorialize the event!
Lots of cosmetic upgrades: chin spoiler for fun, new headlight glass and corner markers, cross-country grill, rear wing, and I’m a happy boy cruising around in my old volvo.
As for engine performance, in stock form it is underpowered but still enjoyable in a “slow car fast” kind of way. But I bought a used 16T turbo from an R and rebuilt it, and found a set of R-size (white) injectors, and a 98 R ECU. Once installed, I should get a nice HP/TQ bump to feel more in the game. Also working on a benchtop ECU tuning rig, and made an internet friend who is experienced with motronic 4.4 tuning.
Not going to be a racecar, but it sure is fun having an old, cheap, lowered, racy-looking 5cyl turbo Volvo wagon. It will get on the local track at some point I’m sure. And maybe the best part is my 14 year old son wants it to be his first car! (Maybe … if I can find a 98 T5 manual wagon!)
I write so much of this just as a way to follow through and offer thanks for all of the tips, thoughts and encouragement above. This was a nichey project, and although I didn’t follow all advice (I wanted AWD for no particularly good reason), you all know how having some guys say “do it” leads to all manner of good adventures! Thanks!