Sight-unseen number: if it’s truly rust-free underneath and in the usual ES spots, I’d be around $5–7k for a non-running automatic with those unknowns. I wouldn’t cross $8k without compression numbers and proof it will at least run off a bottle. The non-runner status plus D-Jet unknowns (tank rust, lines, main pump, injectors, and the aging engine harness) are where money disappears fast.
Reality check on recommissioning (rough, parts-first math):
- Tires, battery, fluids/filters/hoses/belts: $600–1,000
- Brakes (hoses, pads/shoes, caliper service, master if needed): $400–800
- Fuel system (tank clean/repair or replace, main pump/filter, lines, injector cleaning): $600–1,200+
- D-Jet engine harness if crumbly: $300–500
- Window regulator + seals/felt while you’re in there: $150–300
- Mildew interior cleanup (DIY chemicals + time) or replacing a few soft bits: varies
That’s how a “cheap non-runner” becomes a $2–4k revival pretty quickly which is totally fine if the shell is excellent, but it should be reflected in the buy price.
On the gearbox question (T5 vs. stock M41+OD):
For a stock B20F, the M41 with J-type overdrive is perfectly matched and keeps the car period-correct. It’s bolt-in, parts are known, and at highway speeds it already drops revs nicely. With a typical 4.10 rear and 185/70-15s, you’re ~3,000 rpm at 70 mph in OD. A common T5 with a ~0.68 fifth only buys you ~2,600–2,700 rpm at 70 which may be nicer, yes, but not transformative on a stock motor.
A T5 makes sense if you’re adding power (hot B20, stroker, or boost) and want the strength/ratios, you prefer the shift feel and parts availability, and if you’re okay with the extra bits: adapter/bellhousing solution, clutch disc (Ford 10-spline), pilot bearing, mount/crossmember work, shortened driveshaft, and a speedo solution. Expect $1.5–2.5k in parts if you source smart, plus 10–15 hrs labor if you don’t DIY.
M41 on the other hand is cheaper, simpler, and period-correct. It’s more than adequate for a stock B20F, and if you ever decide to be done with the project, it helps resale with the Volvo crowd. A good used M41+OD setup with the pedals/hydraulics typically lands you in the $1.2–2k parts window; install is straightforward for someone with Volvo knowledge.
Bottom line: if the shell is honestly clean, buy it as an auto non-runner at $5–7k, budget a few grand to wake it up, and keep an eye out for a complete M41 swap. Go T5 only if you’re planning a power build or really want the modern box. If the seller can provide compression and a borescope of the tank/floors/rails that look great, then nudging toward $7.5–8k is defendable but I wouldn’t pay a “running premium” until it actually runs.