Hi I had to jack up the car on the standard side jacking point and it snapped clean off and left a hole. Now, question is, can this car be categorized as scrap now?

 

Not sure what you mean. Perhaps a pic would help.

 

I don't really need this rusty car no more but I just think it's a shame to scrap an otherwise decent Volvo

 

What you have is a compromised structure. If the jacking point collapses, you need to consider whether the car is safe to drive.

I'm not sure where you are and if you have inspections in your state.

Anything can be fixed with enough time and money. Your car is at least 21 years old so maybe it is time to move it along?

If you have a friend you might want to see how bad the underside is and if welding up the areas makes sense. Typically it doesn't on a car of this vintage.

 

you don't need the jack point per se, I've always used a floor jack or a bottle jack. With that said, you do have rust and depending on the extend you need to see if other areas are compromised. You can always jack up the car anywhere on the metal seam or a frame point, but I'd be more concerned where there are other spots prone to rust - for example where the delta link bushing bolts to the body (that's the trailing arm's bolt point directly in front of the rear wheels.