'98 Volvo V70 turbo w/ 190k miles. Ran fine on recent 300 mile trip and the next day around town. Daughter starts it to go to work and complains the gas pedal isn't working right.
I find it won't rev much past 1200, even with pedal to the floor. I pop the hood, open the throttle and notice the upper intercooler hoses collapsing. It's obvious the turbo is not making any pressure.
I'm puzzled as to how the turbo could suddenly stop working entirely. What else could it be?

 

Update: I start the car this morning and all seems fine. I haven't taken it for a test drive, but it's not acting like it did yesterday.
New thoughts - BPV or wastegate got stuck open, preventing turbo pressure build. So why would sitting there help? Outside temperature today is 38 degrees. Yesterday it was around 30 when it was started and had the issues.

 

That's strange. Old cars do strange things. I had a problem the other night with my throttle, wouldn't give me anything after I went over a speed bump. The linkage cam loose and I had to get another one.

I have read a few people say that they had hoses collapse. I believe they replaced those hoses. I guess you'll have to keep an eye on it.