My Wife's S70 (118000 kilometres) was involved in a prang some two months
If the lambda signal is lit in the instrument panel it means that atleast
one error code is stored in the ECU memory.
The error code can be many things, one of the a faulty lambda sond, but
there are houndreds of other errors it can be.
When you readout the error codes you know what error you have, and if you
can get its number its easier to help.
Niels