All-

Been looking at some older Volvos for my 16.5 year old son. The thought is that we'll buy one for him and let him learn to drive in it so that if he taps something it's not the end of the world, and if he gets hit he has a good chance at being OK. Living in Colorado limits us, for practical purposes, to either FWD or AWD models (I've had a number of RWD BMWs, but I have a LOT more experience driving them in snow, etc.)

So far I've seen three cars and would appreciate your input on which might be best.

1. 1998 V70 base automatic, 170K. This is in good shape cosmetically and runs and drives well. There is a stack of service records with it; the timing belt sticker indicates it was done at 150K (I'm assuming the mileage indicated is when it was replaced, not when it is due). Asking $2995 and purchased for $1500 a few months ago (there was a copy of the bill of sale in the glove compartment). ABS and check engine lights are on; the CE from a leaky gas cap. Also, front rotors/pads need to be replaced. From what I've seen, I'd probably do $1800-2000 for it.

2. 2003 V70 turbo automatic, 224K. Also in good shape cosmetically; timing belt/fuel pump done at 190K. Seems to run well, but a loud banging noise from the right front wheel area when driving - ordinarily I'd think bad strut or control arm/ball joint, but the ball joint was recently replaced and it doesn't handle like the strut is bad. Hissing noise from the brake pedal - owner said the booster is bad but that it doesn't affect safety. Also said there is a slight lag in the turbo, which is what concerns me the most. Asking $2900.

3. 1997 850 automatic, 158K. In reasonable shape cosmetically - some of the paint is slightly faded. Seems to run well, though right rear brake rotor squeaks (owner has a new rotor but couldn't get the old rotor off. Radio doesn't work, and the dipstick is broken - the top comes off, leaving the longer rod in the tube. Drove reasonably well; timing belt done at 146K in December of 2009. Asking $2600; it strikes me as a $1500-1800 car.

I don't mind working on them myself (I've done almost all the work on my own cars, mainly BMW), so I'm not TOO worried about routine maintenance, and there is a good independent Volvo shop not far away to backstop me. I've read through a number of the forums here and elsewhere, so have at least some idea of what I'm looking at.

Thoughts appreciated!