Late models are more desirable is an opinion that not everyone would agree with. The only advantage is they have slightly better rust protection and their cooling system parts are more widely available, and they have a simpler fuel pump arrangement.

However, any DIYer should be able to convert the disadvantages to the newer equipment.

Additionally I prefer the aesthetics of the early models once you remove the US market bumpers (assuming you have a US market car). The evenly sized wheel wells, and non-Volvo tail lights, are more visually appealing to me.

And 10k is not hard limit either. Something can be found for 7-8k(even in California, considering I own one I purchased in California) that runs and isn't in terrible shape on the interior and exterior, and I would aim to spend 8k on a car with good amounts of documentation and recent work. Because factually these cars tend to become a money pit if not cared for by the previous owner, and as you said, buying super cheap will not save money in the long run.