My fiancee just picked up a 1994 850 wagon. Are there any known issues
with this car that I don't want to surprise me?

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agreenbu @ nyx . net andrew michael greenburg
First thing I'd recommend is a visit to a Volvo mechanic that you trust
for a complete once-over of the vehicle.
Main oil seal, timing belt, relays, butt warmer, door trim, window and
sunroof leaks.....
The honest mechanic will also have the experience to see waht's coming
down the pipeline for this car when the mileage gets up there.