These are good fun cars. I ran my Tub' Auto to over 140k miles before selling, as far as I know its still rolling....
So this one should have lots of life in it once 'sorted'.
Yep, as said they are a Renault block.... Volvo and Renault have a lot of 'history' of working together.
These 1.7's are just Renault Blocks with Volvo 'tweaks' & IIRC Mr Porche helped Volvo along the way with them......
They do have a fault code 'gadget' under the bonnet, I set mine off one day somehow. Its really odd. It go's through a sequence of 'tests', something like:
Horn 'parps'
H/lights pop up and down
Windows up and down
Sun roof open shut
& so on.
If you can work out how to do it (google) it may help with testing what works and what doesnt....
Mine leaked, like most of the 1.7s (Volvo sort of improved the later 2.0's) but the boot floor despite the damp remained as clean as a whistle.
In my ownership 100k-140k miles I think the biggest expense's were :
1) Starter Motor replacement (this will be easier on your non turbo, if required)
2) Water Pump replacement
Good luck