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!
This car is now 12 (almost 13) years old and people still comment on how nice it looks, and are suprised to hear that it is a '92 (they think it is newer). It is white with black trim and although I have retouched about a dozen very small dings in the paint, the overall finish is excellent. I bought this used Volvo in '99, with 86,000 miles, and it now has 140,000 and still runs great. I take it in for regular maintenance, which is costly, but the car has great pickup-and-go when needed and allows me to feel as safe as one can feel in a car.