Found a 1991 volvo 740 turbo for cheap. Everything is pretty clean, and the engine runs great. Needs this and that, but I don't care about the small stuff. Its running great and has a turbo. Tires are good also(which I need). Just a couple questions before I buy:

How much faster is a 240 turbo, than non turbo? (is it really worth it)

Are the engine and the tranny the same as my car, or just the engine?

Is this really a bolt in application, with the exception of a little wire splicing involved?(as many posts suggest)

Thanks!!!!

O.K. A lot of issues here.
The 240 Turbos had the 2.1 liter B21FT and they were a lot faster than the base 240.
If you fit the 2.3 liter B230FT from the 740 into your 240 it will be significantly faster - you will notice especially the increase in torque. The 1991 engine is a good choice with the stronger conrods. Are the wheels Dracos (15") or Hydras (16")? These will help the road-holding of your 240 enormously. The steel 14" wheels flex giving you a vague feeling in the steering.
The basic engine configuration of the B230F from your 240 is the same as the B230FT from the 740 except the 740 engine has a cam-driven distributor which does not fit in the 240 engine bay so you have to transfer the block-mounted distributor from the 240 onto this engine.
Transmissions are different. Automatic turbos have the stronger AW71 transmission while the 240 has the AW70 transmission. If both are manual the 740 turbos have an aluminium M46 box with the stronger P-type overdrive while the 1987-1993 240s have a M47 box. It's advisable to change both the engine and transmission. If it's a manual swap you'll have to get the earlier (1981-86) prop shaft from 240 with an iron M46 and also switch the flange on the end of the box to the 240 type.
Check that both cars have the same Bosch L.H. fuel injection - that will allow you to swap the 740 turbo computers into 240. If they are different, you may have to convert everything to the 740 system.
You may have to get a muffler shop to fabricate the down-pipe for the exhaust.
Getting this donor car is the best way to go as you'll get a lot of the parts like the intercooler, turbo injectors, turbo ecu etc. that would force the cost up if you had to buy them individually.
In the interests of safety you should get a pair of 240 Turbo sway bars (or IPDs if you have the funds) as body roll will be an issue, especially with the improved grip from the bigger tyres on the alloy rims.
Just realized - you're fitting this in a wagon - body roll is already and issue! Volvo 245 is Latin "I roll to a 45° degree angle :haha:
Good luck!

My car, as well as the doner are automatics.

Seems like there are alot of things that I didn't count on though. I was hoping to do this in the driveway with a cherry picker on a weekend. Also wasn't planning on getting a shop involved.

I think I'll probably pass, and keep the volvo as is. There are a TON of these cars laying around though, and cheap.

If I get brave later, I'll go for it.

Thanks for the Information!!!!!

Just realized - you're fitting this in a wagon - body roll is already and issue! Volvo 245 is Latin "I roll to a 45° degree angle :haha:
Good luck!
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HAHAHAHAHAA!!! Why haven't I heard that before????

The swap you had in mind should be fairly straightforward but you would be looking at 2 weekends worth of work, or 4 days vacation, to remove 2 engines and transmissions and install one plus connect everything up.
I've noticed that you've posted a lot about possible mods to your 240. Bang for the buck, the best thing you can do to improve your 245 is to fit a set of alloy wheels and upgrade the sway bars. Any Volvo RWD alloys (14", 15" or 16") will improve the handling by reducing the wheel flex. Your wagon should have a 19.75 mm front sway bar and a 16 mm rear bar. The 1993 240 wagon and sedan had a 21 mm front bar, if you fit one of these it tightens up the handling a bit. The next step up is the turbo wagon set up with a 23 mm front bar and a 19 mm rear bar. You can get the 23 mm front bar from any 240 turbo sedan or wagon while the 19 mm rear bar is the standard 240 sedan rear bar which you can get dirt cheap. The turbo sedan has a 21 mm rear bar and that's what I've fitted but it makes the rear a bit stiff relative to the front on the 245. Trust me, these mods will make your 245 a lot more pleasant to drive - it gives it a more modern feel to the handling.