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Volvo Mystery

I have a 1998 Volvo V70XC with 70k miles on it. Lately, I sometimes start the engine but cannot shift transmission out of Park without using the Shiftlock Override. Sometimes this same thing happens but I also have no headlights, no taillights, no turn signals, no brake lights as well as the shifting issue. If I turn the ignition and engine “Off” then immediately restart, the problems correct themselves and all is OK until the next time it occurs. It’s an intermittent problem. What could this be?

It could be a faulty ignition switch (the electrical part, not the lock cylinder).