If you keep any car long enough, chances are the hood cable will break at some point. Mine just broke the other day. New Volvo Cable for my 1998 S70 is Volvo PN 9444027, $36 at dealer.
Hood Cable Replacement (The Easy Way)
Only after I did this job that I realized that this can be done for $3 using a bicycle cable with diameter approx. 1.0 mm (and much less time than because you remove nothing doing it this way)!
Factory Cable Sheathing I.D. = 1.6 mm, Cable itself = 1.0 mm in size. Just buy the bicycle gear-shift cable (not the sheathing) long enough for the job. Best is to buy cable with one end being dumbbell so it fits in the cabin release lever, thread it through the existing sheathing, then crimp it at the latch area.
Anyway, since I bought the Volvo Cable, I replaced it.
1. Note the length = 53 inches. It comes with the extra tube (in case you need to run extra cables from the engine compartment to the cabin). Remove this tube as it is already in the car. If you want to replace this tube, it is way more work (removing this and that just to replace this firewall rubber seal!). But save this tube just in case.
2. Make sure you have Radio Code. Remove battery (10-mm bolts) and battery tray (12-mm bolts).
3. Remove under dash cover (Torx screw).
4. Use a Vise-grip and grab the frayed end of the cable (#1) and pull to release BOTH sides of the hood. Then slide the clip (#2) to remove the cable.
– Check the existing setup at the latch (#3) so you can connect later. When viewed from the front looking down, the hood cable is “behind” the cross-over cable.