Volvo 740 questions.
 

I just bought a Volvo 740 GLE for $200, running and driving. I have a couple questions about some of its quirks. First off, what does the SRS light in the gauge cluster mean? The antenna doesn’t raise when the radio is on, what should I do? The hood does not release when the hood release lever is pulled, how is this fixed? It only works when someone else is trying to open it. Thank you!

SRS-Airbag fault.
Antenna motor is probably bad, or mast is broken, or radio signal (depends on radio) is bad.
You can try and lube the cable at the hood release points, the latch, etc. Clean them if dirty and dried up.

What kind of airbag fault would it be? Does that mean there’s no airbag?

Could be any number of airbag faults. Usually the light on means that the airbag controller can't talk to the airbag. Generally for airbag systems if the light comes on and stays on, the airbag will not deploy in an accident.

I believe there's a diagnostic code you can get out of the air bag controller via a blinking LED

see this here, https://www.volvoclub.org.uk/faq/ElectricalSRS.html on a 740, the test point is likely in the fuse panel behind the ashtray, you need a 20 gauge jumper wire to ground this for a couple seconds, then you count blinks... read the instructions on that webpage carefully.

one of the common failures is the slip ring connector to the airbag behind the steering wheel.

thank you! I'll try it out tonight when I'm home.

740 don't have the SRS code reading capability...

SRS light is a warning that your air bags are not communicating with the controller. It could be something simple like a dirty connector. Or it could be a bad clock spring (behind the steering wheel). The clock spring is the electrical connector from the steering wheel to the steering column.

It could also be from the previous owner removing the air bag - I've seen this before. If the car was in an accident and salvaged, the person who repaired the car may not have put air bags back in.

Is it unsafe to drive your 740? Consider that the 240 is one of the safest cars on the road and for the most part, they didn't come with air bags. Yes, it's always better to have air bags working, but early 740's didn't have them and they were considered very safe cars. The choice is yours if you repair the problem or leave it as is.

I might just leave the airbag, thank you!

other causes for SRS faults are the impact sensor in the control module, the control module itself, or the wiring.