I have owned a 1988 240 wagon for the last 8 years (bought with 147K, now has 237K miles)
An excellent web site for Volvo enthusiasts is
www.brickboard.com. I have done most of the maintenance for the time I have had the car. I am currently fixing an intermittent no-start and stall problem which is frustrating.
Having said that, this car has cost me relatively little to maintain and gets 25+ mpg consistently (with the 5 speed manual tranny).
1988 is one of the best years for the 240 series Volvos. If it is in decent shape it could sell for $3000 in Seattle. Not sure how much a brake job costs. A friend helped me do mine last year. We had to do the front wheel bearings along with replacing the front rotors.
The engine is rock solid and is non-interference (broken timing belt will just strand you, not damage valves)
I consider it my "pick-up" for doing odd jobs
Overall a great car if you don't mind being slightly faster than a vw bus!
Mike