I absolutely love this car. It was purchased new from Phillips Volvo in Virginia Beach in 2004. I feel SO safe in a Volvo, especially their station wagons. We have one too many vehicles in our family and the oldest one has to go! Ouch! It was our fourth Volvo, and I also own a 2009 V70 sapphire gray Volvo (#5). I know the new owners will get as much enjoyment as I did - SAFETY is #1.
We own a 2004 V70 T2.5 AWD Wagon and we like it a lot. Plain looking on the outside but not dower. Inside the materials all look pretty good after 12 years and 188k miles. Acceleration is a strong point while handling is capable but the bumps from the road transmit jolts and noise to passengers inside - not a luxury ride. In fact its bumpier and noisier inside than most non-luxury cars. That said its not terrible just not a smooth ride.
Seats are well crafted and very comfortable. The rear leg room is limited for a family car. My kids are now in their teens and we will need a car with a bigger back seat - not fair to sentence anyone over 5'6" to a long car ride in the rear of this vehicle. We can get another 5" of rear seat leg room in a Toyota Highlander. Storage is ample and the cargo capacity is excellent for a car. We can still pack for a 2 week vacation without a roof rack.
Reliability has been pretty good for a car this age. We did have a radiator failure that leaked coolant into the transmission (and transmission fluid into the radiator) - that could have been catastrophic if we had not caught it immediately (e.g. driven it for more than a few miles in that condition). Otherwise its been struts, engine mounts, 02 sensors, brakes etc - all normal wear and tear over 12 yrs 188k mi.