The 1992+ model has 25%+ stronger side impact protection ( SIPS) Also, taller gearing than the 93-95, has limited slip rear end, a bullet proof Toyota truck automatic, very comfortable seat, lot's a little safety features like knee bolsters, charged seat belts, light on doors, anti loc/air bag, hydraulic engine that detaches and goes under car, massive roof strength etc! The motors are bullet proof too! Top grade paint job! Weakness: air conditioning marginal, must maintain as spec'd-find a volvo expert! 92 740/940 with AT is 18 & 26mpg which ain't bad! 93-95, 17 & 24-411 rear ends vs 373 in 92! Upscale, well built reliable and was $25K new back then! Best older used rig on market -period!
It's been a few years and I now have a more favorite used car- 2003+ Mercury Marquis. Quieter,safer, same gas mileage, double the HP, more space, more reliable and about as upscale. Found an 03GS with 61k for $4000-so cheaper to buy too. The 940 is still hip, but can't fix speedo (92), need to tune too often and lots' of little items this newer Ford won't have to face.