Your story makes me wince...
Lecturing you on checking your oil every fill-up is probably pointless now (you would have seen the consumption a long time ago and prevented this problem from getting worse)...
So, let's walk through the issues as you've laid them out:
The timing belt (which includes idler pulley and tensioner) is a routine maintenance item - every 105,000, not frequent, but to be expected. That cost is part of why the car was for sale, I suspect, since the service was blown off by the previous owner...you should change it. If it fails, your engine is toast. You don't have to change the water pump when you do the belt - unless it's leaking. But the water pump is driven by this belt, so many techs will do the water pump work at same time, to preclude paying that big labor charge shoud the pump fail later. Personally? I just replaced the belt...and "rolled the bones" on the pump...so far, so good...
Oil leak - I am 99% sure that is due to a plugged PCV system (flame trap in the Volvo vernacular) - happens to most all of them by this age - it's a few hundred $$ to fix (replace every component) and if you don't fix the PCV system, a new leak will crop up at another seal...that crankcase pressure has to escape somehow. It can't go through the PCV system - it's plugged up, so it will escape via the weakest oil seal. You've already seen that...it's been leaking for a while...that is why you've had the smell and seen the residue...so, replace the blown seal and the PCV system and be done with that issue.
Power - there are no other symptoms of failures, like a check engine light. The turbo is likely fine...don't worry about it. The oil collecting where you describe is common...don't forget that you've been buring several quarts in your engine...some of it (a small percentage) found it's way there...clean it and be done with that part...
Lemon - no, not really. Your car has a couple of issues related to poor maintenance - they're common to this model.
Going forward. First, you really should check your oil on every fill-up. You have to keep the level in the operating range if you want the engine to live a long life. A low oil quantity can cause starvation (zero pressure at the pump, which will destroy the bearings in seconds) as well as high oil temperatures (leading to sludge, poor lubrication and PCV clogging). Because of the clogging/PCV issues, your engine likely has some sludge in it - my recommendation is to run only synthetic oil, and change it every 5,000 miles for a few changes. Pennzoil is among the best for cleaning. Their Ultra line of extended drain oils would be my choice. I've gone on and on about proper oil selection before, you need an oil that meets ACEA A3, not just a 5W30... but the point is this: oil is more than viscosity, it has to meet the spec for the engine.
I've done a Used Oil Analysis on both my P2 cars, and the Mobil ONE and Pennzoil Ultra have given outstanding results. Further, the inside of my XC's engine is perfectly clean...
Last edited by Astro14; 07-01-2012 at 02:16 PM.
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