The 700 series was designed as an update of the 200 series to save Volvo which was close to bankruptcy in the 70's. It is pretty much the same car, just more "modern". The 200 series had a very loyal following but did not survive the 700 series unless you count the 900 series as a different car to the 700 series which it really is not, IMHO.
The 700 series saved Volvo, quite literally. Without it, Volvo would have gone under as they were struggling but could not afford to develop a really new car at that point. That came with the 800 series which could arguably be said to be the first "new" Volvo from which the current range follows.
The 700 series was also designed as an estate first which at that time was very controversial and the idea of making a luxury estate (the 760) or a fast estate (the 740 Turbo) was very new and Volvo spent a fortune on a marketing campaign in the US. Personally, I love all Volvos although I clearly prefer some over others and for me, an 80's 740 is the ultimate Volvo as that is what my dad had when I was a kid in Sweden. Mind you, pretty much everyone else did too.
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Current: 2004 LHD Volvo V40 auto
Many, many previous Volvos including a V40, a 262C, 945 LPT Polar (Belgian spec), V90, 2006 V70 petrol, 740 TDI, 940 TDI, 850 GLT, C70 2.0GT and V70 D5 auto.
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