That's not a bad deal. Is it the HPT (high pressure turbo)? My bro got one as soon as he moved to LA 6 years ago or so (just got replaced w/ a BMW 330i), I drove it out across the desert w/ my parents when they went to give it to him. Definitely a fun, quick car. Very comfortable, as all Volvos are, and I would presume the engine block is solid as a rock, good for 200,000miles+. My bro had a Volvo 850R before that, and I had a 960 a couple years back. My mom has had like 6 different ones. The engine is very solid on all of them, and they are a true luxury car. The interior will blow away any kind of japanese car you might compare it to. The problem is the maintenance. Be prepared to spend $2-$4k a year maintaining a Volvo. Labor tends to run about the same as BMW, with parts being more expensive than on a BMW.
But I will definitely be buying another Volvo in my future. Probably when they come out with the new version of the S60R. You know what they say, Volvo For Life. And they are VERY safe cars. The handling and braking is phenominal. My old 960 had a 27 ft turning radius (somewhere around there) and the brakes saved me from countless wrecks.
Again, just be prepared to put in the money to maintain a European car, it's not a Honda.
If you have any Volvo questions, I'd be happy to answer them.
Oh, also, I've never been in a Volvo that had a great air conditioner. My reasoning is, they don't really need them in Sweden, but just something to be aware of. It's exceptable, but not great. My Acura's AC is at least 2 times as good, and my Ford's is even better.