This is a fantastic all-around vehicle. It's big and comfy enough for a normal person, can haul whatever you need, can tow as much as a small truck (3300lbs), gets 30mpg on the highway (25mpg mixed), and is fun to drive (5 speed manual transmission.) I'm a Volvo enthusiast, so my opinion is slightly biased. I got this wagon for a really good deal because it needed some body work. I performed the necessary repairs and have put 40000 miles on it in 26 months. Parts are relatively inexpensive if you shop online. Places like FCPEuro and EEuroParts have mostly everything in stock and have fair pricing. RockAuto has a lot of stuff, too. There are several dedicated Volvo forums that cover just about every repair possible. I will continue to drive it and upkeep it until the wheels fall off. It's a very useful, all around good vehicle.
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.