Purchased used at a great value and haven't been disappointed, yet. Other than regular maintenance, the car has performed great. It's sporty, holds bikes and snowboards on top, enough room for moderate luggage load in the rear - if not a bit tight in the rear seats, though. Comfortable ride, but not the best on long trips. Austere interior is perfect - I prefer minimal and simple interior gadgets/knobs. Misses would include black bumper trim pieces fading and the replacement of the fascia cup holder which I completed myself. I've also replaced the front strut mounts 3 times due to potholes and rough roads. The turbo is quick and a great asset for both city and motorway take-overs.
Great and quick handling response, moderately compact city size, simple and classic exterior and interior design, averaging 25mpg city and 31mpg motorway.
Obviously the V40 has been replaced with the V50. The improvements I would suggest with the exterior mouldings and cup holder issues were subsequently taken care of in 2002+ models of the V40.