Good luck with the compressor, indeed in CA it could be worse that driving without power steering . Maybe you can get a used one cheaper somewhere, maybe online?

It was indeed a power steering pump. I got it replaced including all additional pieces following Volvo prodecure (like o-ring, reservoir, fluid) and the noise is gone. Even though it was quite expensive, I'm happy now, as I stopped worrying that something may just fall apart while I'm driving.
I ...

I finally get my car to a workshop. Their diagnosis - power steering pump. They're getting a spare for me now, I hope this solves the problem. New one isn't cheap, though.

I might have been wrong. Today I decided to listen to it again on the parking lot, asking my wife to change rpm, and it might be actually audible there as well. When you listen with an open bonnet then normal engine noise covers this high-pitch noise, but when you drive - it somehow propagates ...

Hello,

First of all - hello everybody, I'm new here.
A few weeks ago I bought my first Volvo, used V70III from 2008, model 2009 with engine 2.5FT B5254T8 and automatic gearbox AWTF-80SC with 132000 km on the counter. Unfortunately, I couldn't check it properly while I was buying it, so now I can ...