V164maybe 400K km isn't much for these engines. The block is made of old-school Swedish steel and has a cast iron head. These engines were designed to be rebuilt a couple of times before needing a rebore. Bearings and pistons / rings are commonly available.
At that mileage however the bushes and shocks will be pretty tired. Urethane replacements are available, and are recommended for the front end - wishbone bushes in particular. Most of the bushes are the same as for 140 series - the exception being the upper wishbone bushes - but the rear bushes are the same.
Aftermarket front and rear sway bars, along with sensible wheel alignment settings, make these cars handle like they're on rails.
The power steering boxes are pretty solid, but you will likely need to replace the hoses - hose replacement on the brakes, cooling system, and power steering system is always recommended as the very first step with these cars.
The tailshaft centre support bearing may also be tired, in which case uni joints may also be worth examining.
You can usually tell by the car's history if it's a viable proposition or not - cars which lived beachside will be worse rustwise than those which had lived inland. Rust around the windscreen surround indicates dirt has been trapped in the molding around the screen, and the clips which hold the screen in place have done a number on the top scuttle. Beware of rust there, as well as around the 'C" pillar and rear quarter panels.
Be wary of rust in the sill panels below the doors.
In the boot, where the back of the rear wheel arches meets the rear of the wheel wells and the boot floor in a triple joint, you may find rust there; it's common, and repairable, but it gives you an indication of how well (or otherwise) the car has been cared for. The so-called 'butt cheeks' are often damaged &/or rusty however that's a comparatively easy repair.
The Oz Volvo Tech Archive has the factory service manuals for the 164 series.
