We bought this car because it was the only wagon we could afford at the time that had side curtain airbags.
Over the last 3 years, it has served us pretty well. It rides pretty well, has decent space, nice seats, gets good mileage, and feels pretty solid.

On the downside, the noise and vibration from the engine is pretty bad. In drive, while stopped, the car vibrates noticeably. Engine noise is intrusive. Compared to almost any modern car, like my 2000 Maxima, it is ridiculous. You can barely tell when my Maxima is running, the engine is so smooth and quiet.

We have had the car fixed once for a turbo seal leak, under warranty. We had the brakes completely replaced once, and had rear pads twice. According to a Volvo mechanic, the rear pads on the v40 are too small, and are only good for about 15k miles.

Another small thing, I find the radio to be completely unintuitive, and the knobs are down low.

Also, the car depreciated like crazy. We bought it when they first came out, during the booming economy, and paid close to sticker. They were selling these cars well below invoice last I checked, about 6 grand less than I paid. Doh!

Overall, it has been an ok car. Never stranded us. But cost us more than we would like in brake repairs.
Amount Paid (US$): 26500
Condition: New
Model Year: 2000
Model and Options: v40, automatic, leather