When I bought my '93 240 from a private party it needed brakes, muffler, tires, battery, some a/c work and a general tuneup (plugs, filters, etc., but no major engine or tranny work was required). Now I routinely get 24-26 mpg @ 70 mph, mostly hiway miles. The car feels strong, maintains whatever speed I dial in, handles without surprises, and while is not the most fun ride, will take me where I want to go comfortably & safely. Two plusses: driver's seat position is excellent for a short person, easy to work on. Downside: while parts are easy to get, they are somewhat pricier than similar parts for a domestic. If you require a dependable, comfortable daily driver, consider this older Volvo.
I've had 4 BRICKS, '90-240-wagon, '99-XC, '04-XC and just last week a '93-240 Classic 4dr sdn. Total mileage to date 650K, yes six hundred and fifty thousand miles...You can't beat these cars not even with a big stick...all the woman in this family drive them and swear by them! Only problem is if your over 6'tall it's a struggle to get in and out of. beware RUST! No rust...undercoat and clean out drainage ports. Buy um while you can find them! That's a fact Jack!
There are certainly sexier cars on the the road than Volvo's classic 240 sedan, but few will ever match the reliability and peace of mind you get while driving the 240. The car is built so well that even at 214k miles, it still feels new.