I'm looking for some advice on what to do with my previous daily driver 240. It's a '93 wagon with factory manual and full power options inside. The interior is in good shape and after a solid stage zero, it went from non-running to a super-reliable daily. My wife and I road-tripped it this summer from Flagstaff, AZ to Seattle and back living in it for two weeks and I've put over 10,000 trouble-free miles on it since February. The issue is the rust and the suspension. This was a Pennsylvania car for many years and it has some serious rust to show for it; with cancer bubbling on both A-pillars and the cowl, holes in the bottom corners of the doors and little spots on the rockers, and, most seriously, three or four serious patches of rot on the "frame" rails on the underside. Also if you lift up the carpet a little light shines through on the drivers side floor. Along with the rust, the suspension is shot from front to back; every bushing is rotted out pretty much, especially the trailing arm bushings that are bad enough that the bolt rocking up and down in the bushing hole has wallowed out the hole by about a half an inch out of round.
The good with the car is it has been rock-solid reliable, starts right away, idles well and smooth for a red block (no piston slap), only leaks about a quart of oil every 4000 miles after doing the front seals, transmission is nearing a clutch replacement but otherwise is perfect, ac/heat works perfect, blower was replaced a couple years ago, NEVER runs hot at all, and the interior is in really good shape (black fabric all around). 206,000 miles as of now and just made a 1200 mile trip to pick up my new daily...
Which brings the question: what do I do with it now? It definitely has sentimental value as the first road trip vehicle for my wife and I and it runs really well but it's gonna need some serious rust repair to stay on the road (out of my abilities for the time being), not to mention a full suspension overhaul. My initial plan was to keep it as a winter daily but that really isn't necessary in flagstaff and my new wagon has an lsd and is far better in the snow. I hate to strip it for the parts my 88 wagon needs but it would definitely save me money. I just feel bad parting it as there's only a finite number of these and, apart from the rust, the body is complete and without damage, and under the right care could be fully restored.
For a little context, I am a 21 year old engineering student with a wife of a little over a year living on one income. I rent a house with a car port and plenty of parking, but I don't have the time/money to purchase a welder and do the repairs myself. I paid $500 for the car and have put about $1200 in parts since purchase to make it dailyable.
So what do you guys think? Let me know if you have questions or want pictures. Thanks!

 

Find a good bodied, bad engined wagon and swap the drivetrain and interior into it, that is if you are inclined to, and enjoy Volvo tinkering. Fixing the rust is hard and not worthy.

 

I have a '93 240 sedan downstairs also from PA, I don't know how serious your rust really is but I am going to spend the time to correct the dozen or so very small pieces of rust in hard to see areas, farm out the hood and rear clearcoat damage to a professional, and replace the trunk deck entirely. Rust sucks but if a nearly 30 year old vehicle in this climate has some rust, its no reason to completely abandon it. Take it to a competent body shop for an opinion on the undercarriage rot because if its compromised or close to it, its a goner regardless of the A-pillar, cowl, etc. If its not a goner, check on repairs to the rear wheel wells and rockers because those are critical. Doors, hoods, and the front quarterpanel are not serious issues because they could be replaced if necessary. People want the 240 and especially the wagon I suppose because it is iconic and they are becoming collectible. The '93 is desirable not only because it is the final year but it came with factory R143a A/C and can easily be recharged. Think it over.