01 V70 ignition Key won't go past position 1

[Checksix]

It finally happened to me! I've read numerous times about people complaining their ignition key locked up. I had always thought it was because of side force on the steering wheel, you pull the steering wheel off the stop locks to reduce the stress and bingo, you're good to go. Now I know that wasn't the issue. The key inserts normally, and advances to position one (which is by the steering wheel lock, and you can turn the wheel) and you get some of the dash lights. However the key hits something internally and refuses to rotate further to the start position. I thought it might be some part of the security system so I called our local shop and asked if I could reset something by locking and unlocking the car with the remote or key or just stand on my head. They stated it appears something is broken inside and I'll need to have it towed in.

So in final desperation after jiggling, applying force in out, sideways I just torqued on it real hard towards the start position (around 10-15 foot pounds). Something felt like it broke, and the key went to the start position. I immediately drove home and did not make any of the planned stops in fear of being stranded.

At home I injected a small amount of tri-flow oil (has Teflon) using one of those small red tube extensions to get into the lock. In trying the key again, I could still feel a small catch at that position. More tri-flow, and now the catch is gone altogether and it appears normal.

Sorry for the long read, but here's the question for the group:

1) Does anyone know what went wrong?
2) Should we advise owners to periodically lube this area? Mine is a 2001 with 204K miles
3) What lubricant is recommended?
4) Should I now replace the lock mechanism, and if so any estimates on cost and degree of difficulty and special tooling required?

Thanks all, I hope we can learn more on this issue.

Jerry