I just bought a 1998 v70 wagon in great condition. The ABS and Tracs lights are on, as well as the check engine. I was told by the dealer that it required a new speed sensor part and was given the part. Now I need to install the part. Any DIY tutorials or instructions would be very helpful as to where to find this part and install a new one, if that fixes the issue. I have read about the ABS units failing on this year/model. That may be next approach if this sensor doesn't fix it. I'm attaching a photo of the part. Thank you in advance for your help!

 

And in case you can't read it, the part box label reads "AltronSpeed Sensor 3515266 G/C:120 F/C: 10" if that helps. Thank you!

 

You probably need to have the ABS module repaired. My S60 needed a speed sensor when I bought it. The CEL was on and a scan showed transmission codes specifically identifying the input shaft speed sensor, No ABS/TRACS lights. I would ask to have the car scanned and the codes given to you even before swapping the speed sensors (which is a piece of cake). Any time you have an opening into the trans exposed there's the possibility of something falling into it. There's a guy who fixes the module for $55. Don't know the rules here about mentioning service providers that aren't "supporters" of the site as I just joined. He's not hard to find though and does a great job. The module is easy to R&R and you can use the car in the meantime.