Just to be clear, this review is on a 2004 Volvo S40, not the newest 2004.5 (Why do they do this?) model which is redesigned. Chances are, if you're reading this, you're looking at a used 2003/2004.
My car has been in the shop for quite a while, and my rental car has been the Volvo S40. I drive a pretty nice turbocharged sports car, so I had to upgrade from the compact-car offerings that my rental insurance would pay for. Because it is a rental, I have done a few things with it for reviewing purposes that I probably would not if it were my own car, so you can be assured that this reviewer has tested the limits of the car.
The Volvo S40 isn't a bad car. It's comfortable, has a decent suspension (not too firm, not too soft), and a 5-speed automatic transmission. I'm a manual transmission fan, but if I have an automatic, I'll take no less than a 5-speed. The fuel economy is good (it even lets me put in regular!), and it corners pretty well. However, its downsides are more than just price, in that it just doesn't do anything really well.
Engine
This is where any car enthusiast begins a review. This model has a 1.9 liter turbocharged engine producing 170hp/177ft-lbs torque. The torque actually comes on pretty early in the rpm band, and the compression ratio (9.0 to 1) makes for diminished turbo lag (many turbocharged engines use lower ratios which give more power and more lag). The car weighs around 3000 pounds, so it is rather light on its feet. 0-60 times are probably in the high 7s
The engine sounds a little buzzy, but never fails to produce reasonable amounts of power. I was actually quite surprised by the midrange power, but a little disappointed on the high-end (5000rpm plus) power. Given that it is a four-cylinder turbo WITH an automatic, its off-the-line power is abysmal, but once you get up to 15mph or so, it's not bad at all. I drive it as hard as I can, and I think I'm getting around 25mpg city driving (maybe 20% highway). Overall, I give the engine a 7.5.
(On a side note- the owner's manual doesn't seem to specify any particular fuel, so I put in regular and it runs the same as on premium. As an enthusiast, I certainly know the difference, and even if the Volvo S40 wants premium, I see no performance gain in this car. Perhaps fuel economy would improve because of the engine management system, but I don't plan on having this car that long)
Transmission
I'll admit- when I found out the S40 had a five speed automatic, I was impressed. Most cars need to be far more expensive for that feature. This gives the car its highest marks in my book, because the gearing allows the little engine to give the car decent performance with improved fuel economy.
My complaints- Leaving the car in first is impossible. "L" encompasses first AND second. This is ridiculous in a "sporty" car. Also, there is a bit of hesitation on upshifting when I am passing and want to resume a stable cruising speed (this may be because I am used to a manual transmission). Next, if any gear other than "D" is selected, an arrow lights up in the instrument cluster. Let me say that if I owned this car, I would have that arrow ripped out the first day I could. It's irritating and it NEVER goes away unless you shift into "D". Finally, the gear selector indicator does an awful job of letting the driver know what gear they are in. The contrast is so low that you cannot tell what gear you are in unless your eyes are directly above the gear selector- i.e. you aren't driving. There is no position from the driver's seat in which I can tell what gear it is in (although I can see that it is "functional".
For all these complaints, I still like the transmission.
Features/ergonomics
I suppose the S40 runs the gamut of safety features- ABS, dual airbags, etc. Volvo does have a reputation for safety. I would prefer my Volvos a bit heavier and more powerful, however. Just a personal preference.
The steering wheel always seems too far away. I cannot adjust the seat to remedy this problem. I think it is simply too close to the dash. It does tilt up and down, but I want it to telescope toward me.
Apparently there are several levels of stereos, and I got the lowest- a four speaker with in-dash CD. In a car that costs $22k+ when new, this is unacceptable. It sounds like one of those radios that a secretary in an office might have under his/her desk playing smooth jazz. It's atrocious. I can make it loud, but then it's only white noise. I shouldn't even spend this many characters writing about it- it's simply the worst stereo I've ever heard. All 4 speakers are in the front- none in the back. Unacceptable. Oh, and when the antenna is fully extended, it still searches for radio stations intermittently- even when I'm in a major urban area. Again, unacceptable.
The rest of the car is pretty comfortable. It has a moonroof, the A/C is cold and effective, the buttons are easily accessible and nothing is too complicated.
Handling
The S40 actually takes turns pretty well for a front-wheel drive car, but I can get a lot of tire chirp even with properly inflated tires. I think bigger wheels are in order, and this may have been addressed in the new model. I can tell that the car is trying to be "sporty" in its suspension tuning, but since the car itself isn't that sporty, the suspension could use a little softening. Just a little bit.
Miscellaneous
First, when I start the car and begin driving, I hear a lot of servo noises coming from under the hood, and they are not always coincident with use of the brakes or steering. I still haven't solved this mystery. It doesn't seem bad, but when the stereo is off, it is audible and annoying.
Second, I do want to praise the car's ability to handle full throttle at cold temperatures. I never recommend this on your own car, but I was surprised that it drove like it was warm (ambient temp about 60 degrees).
Lastly, the headlights are not HID, but they are nice and bright. I like them.
Overall
The S40 is a car. Ask someone what a car looks like, and they'll probably describe something like this. The styling isn't great (I HATE headlight wipers), it's kind of boxy, and it has four doors.
The S40's high points include the engine and transmission, but not in a high-performance sort of way. In tandem, they make the car very driveable with a decent amount of power at most speeds, and remind me that I'm not driving a Toyota Corolla.
However, in this price range, anyone can do better. As of this writing, you could pick up a used 2004 (or new, I suppose) for a between $19k and $24k. Maybe a little less depending on the mileage. For the same price, you could get a 2003 V6 Honda Accord, 2003 Nissan Maxima, or a 2003 Toyota Camry V6, and in each case you would have a reliably-built car with true V6 power and smoothness, and likely some more style AND change in your pocket. I know the S40 is supposed to compete with Audi/BMW/Acura, but if you believe that, then get an Acura TSX instead.
Like I say, this car is alright. I know that's not a word traditionally used in car reviews, but that's all that comes to mind. Most of this car oozes mediocrity. If you are in the market for a near-luxury sports sedan, this is NOT your car. I recommend a Nissan Maxima in this price range- you will not be disappointed. Any car in this category should have a little more pep, not squeak its tires on corners, and take premium fuel only.
If you're looking for a commuter car, just get something cheaper- a Civic will do.
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