In August 1974, Volvo presented a new generation of cars called the 240 and 260 Series.
These new models had been developed from the 140 series and were very similar to their predecessors. The changes included a new front, large bumpers and a further-developed chassis, featuring a front-wheel suspension system of the McPherson type.
In connection with the introduction of the 240 family, a new 4-cylinder engine series with an overhead camshaft was also presented. The previous 4-cylinder was still used during a transitional period for basic versions of the 240-series.
Like the Volvo 244, the 245 could also be specified for a short period with a V6 engine. The market's first 6-cylinder diesel in a passenger car made its appearance in the autumn of 1978 - in the Volvo 240. This was a successful alternative on certain markets where diesel fuel plays an important role.
The new Volvo car family had been developed with rigorous safety requirements. They were, in fact, so rigorous that the car was used as the standard car for safety developments by the authorities in the USA.
However, the Volvo 245 also set the standard when it came to performance. When the turbocharged version of the 245 was presented in 1981, it was one of the world's fastest wagons.
On two occasions, the car was given a facelift, for the 1981 and 1986 model years. Towards the end of its life, the 245 experienced something of a renaissance. A version called the Polar became a cult car in Italy.