My S40 is great to drive. It handles well, has nice acceleration, and is great when it comes to protection in a crash. It has had a few mechanical issues since I've had it. At around 87000 miles, the left front wheel bearings needed to be replaced. At about 88000 miles, and after getting into one accident, the cruise control quit. Took the Volvo dealership an hour to tell me that they didn't know what was wrong, got it fixed by a local mechanic in a few hours. Fuel pressure regulator gave out at 103000 miles, as did the spark plug cables. Check engine light is overzealous. Parts are very expensive if you get into a crash or break a lens for the lights. Otherwise, this is a great car!
Good acceleration, great crash safety, great handling, nice sound system
Other than fixing the poorly designed cupholders (and maybe adding two more...two cupholders in a car that seats five? seriously?), the parts could be cheaper, and the fuel pressure regulator could be a bit more reliable (lots of people have it die)