No oil on the dipstick
 

If I let the car run, then pull out the dipstick, I see oil. If I wipe it clean, then re-insert the dipstick and remove it...no oil. I basically can't check my oil levels and I have no idea why. I thought I was really low on oil, but I learned that I wasn't through some trial and error. I just bought the car, and it's something I just noticed.

Are you checking your oil when the car is cold or just after turning it off?

I'm guessing this takes 4 quarts of oil and you sure it's in there so then I'm guessing you have the wrong (too short) dipstick for that block or someone change out the tube for a longer one.

The engine should not be running when you check the oil dipstick. Transmission, yes. Oil, no.

What is the year and model?

It's a 1990 740 gle wagon.

I check the oil when the engine is cold (been sitting for at least several hours).

Let me give you the full story. There is a small oil leak (hence my need to check constantly), but I assume I have 4 quarts in. Doesn't blue smoke mean I overfilled?

The dipstick looks just like the one in the manual.

Do you know or have an idea of where the leak is?

The rear main seal I believe.

I would replaced the seal first, then go from there.

When was the last oil change?

I had a leaky rear main once due to it was a pricey fix and a difficult shade tree DIY. But I would drive the car back and forth from Miami to NYC with no ill effects (just don't park in friends nice clean driveways for very long). On the other hand, assuming the car has oil when the dipstick is dry can be fatal, even for a Volvo. I would start with an oil change to be dead certain four quarts doesn't register on the dipstick.

Blue smoke is an indication of burning oil -- oil getting past the piston rings and into the combustion chambers. Not a big deal, except for lousy compression and oil depletion. This is often a sign of a worn out engine. A ring job might fix it. However, an engine overhaul is often required because other parts are worn out. This is an expensive fix.

Normally, a Volvo will burn a quart of oil in 1,000 miles. One quart in 700 mi is barely acceptable.

Oil leaks are an indication of bad oil seals. Or it could be a plugged up crankcase ventilation system causing excessive crankcase pressure. The front three oil seals are no big deal to change. And the rear camshaft seal is simple. However, the rear main seal is an expensive fix because the tranny needs to be dropped.

Ya, an independent mechanic quoted me $300 to fix the rear main seal leak

Welcome to the Volvo owners club. Sometimes it seems there are only two prices at Volvo shops....$300 and up.

$300 is a good deal, assuming the tech is competent. At a Volvo dealer in Socal it would be closer to $600. That is, if they have any techs who can still work on rear-wheel drives.

The previous owner used this particular mechanic because he was good and fairly priced. I'm just going to risk it because I can't afford to pay $600+ (I'm in los angeles)

K...
Like they mentioned above, you should still do the oil change to make sure that it has 4 quarts.

The book says 4.1 hrs labor for the rear main oil seal. Figure $100-$120 per hr labor at a Volvo dealer in Socal. My indy Volvo shop charges $90/hr. That's with the same 12-mo warranty.

Parts are pretty cheap. I think the seal itself is $23 from Volvo. The job calls for four new bolts but they're cheap. Four quarts of oil naturally.

Let us know how it goes.