Since the elimination of the 240 for the 1994 model year, the Volvo 940 became Volvo's entry-level car, with prices ranging from $23,000 to $26,000. Basically the same as the old rear-drive 700-series cars, the 940 was available with the 2.3-liter iron-block 2-valve- per-cylinder Four, both normally aspirated and turbocharged, in both a sedan and wagon version. The 940 was priced against the upper end of the Toyota Camry 2.5-liter V6 range, the midpoint of Chrysler's LH cars with the 3.5-liter V6, the Nissan Maxima 3.0-liter V6, the VW Passat GLX with its unusual narrow-angle 2.8-liter V6 and some models of Saab's new 900, just to mix a bag. Tough competition, every one of the preceding models was newer and many had more standard equipment than the basic Volvo.
Volvo had a reputation for safety and durability that was near gospel for the Volvo faithful. The boxy looks guaranteed a spacious interior and trunk. Upright styling meant excellent visibility and low solar heat gain, but also higher wind noise than the competition. The 940 had the traditional Volvo tight turning circle, predictable handling and excellent seats. Volvo later made some of the same changes to the 940 that have been made to the 960, revised front suspension, stiffer body/chassis structure, and a 4-cylinder version of the aluminum 5- and 6-cylinder engines used in the 850 and 960 models. Although no one at Volvo commented, the 940 went the way of the 240 and was replaced by the new product of a Volvo-Mitsubishi collaboration.
After 1995, only the 850 and 960 remained in the market.
As of January 5, 1994:
- $22,900 (1994 Volvo 940 4DR Sedan)
- $23,955 (1994 Volvo 940 Turbo 4DR Sedan)
- $24,200 (1994 Volvo 940 4DR Wagon)
- $25,200 (1994 Volvo 940 Turbo 4DR Wagon)
As of April 10, 1995:
- $23,360 (1995 Volvo 940 4DR Sedan)
- $24,360 (1995 Volvo 940 Turbo 4DR Sedan)
- $24,660 (1995 Volvo 940 4DR Wagon)
- $25,660 (1995 Volvo 940 Turbo 4DR Wagon)