I have had a couple issues with the car. I replaced the brakes and rotors when i bought it, but that was my choice. The check engine light is almost always on, but I just ignore it as the car still runs fine and gets great fuel economy without it. I blew a radiator hose a while ago, but that isn't unexpected on a car that is 12. And i blew a brake hose, which also isn't uncommon on a car that is that age, as i have friends with fords, and toyotas, and hondas who have also experienced similar issues. My recommendation is to use high grade fuel when you can, as the car starts really hard and runs rough on regular fuel, and probably contributes to many of the problems others have listed.
I bought a 01 s40 with 30k miles on it and NEVER gave me an ounce of trouble. I took very good care of it. The dealers always treated me great when I went in to do major maintenance, such as replace turbo o-rings and timing belt. The dealer prices where not bad at all. It's sad to see so many people had such bad luck with theirs. Unfortunately a year ago my wife fell asleep and flipped it over a couple of times but it's a volvo and her and the kids walked away with only seat belt burns. It had 135k miles on it and ran like it was new. I highly recommend this car to anyone. And not all but most of what I'm reading in other reviews that are "complaints" are wear and tear maintenance items.
Great car its cheap but full of luxury and quality
written on 02-15-2016
4dr Sedan (1.9L 4cyl Turbo 5A)
This car is great. Never had any issues with it other than general maintenance which is understandable at 82k miles. The car is cheap, yet it is a luxury car and it defiantly shows it. The seats are very comfortable, high quality leather throughout the whole car, even the new cars leather seats cheap out once you get to the back seat. Quality materials throughout, the cupholders are a joke but something pretty minor for a overall good car. It is safe with 8 air bags, comfy, and fun to drive. The motor has plenty of power, the acceleration is awesome, and the turbo is plus as well. Overall if the car is taken care of it will take care of you. I wouldn't doubt reaching 200k in this car in the future.
So I bought this car two years ago...thought I was getting a good buy but within a month I had problems. First, the service light came on and they told me I needed an oil change. Then the check engine light came on and had to replace and o2 sensor, then the thermastat, now spark plugs and wires, replaced two complete struts, one coil spring, now I am on another o2 sensor and ECT sensor. The check engine light seems to always be on and something seems to always be breaking. Horrible decision, intending on getting rid of it.