Friends of mine have a V70 (basically S60 technology). They have 130K Kms on it, over the past 3 years. Pretty damn good reliablity considering they took the gamble and got a model year 1 version of the new curvey body style for that wagon (a 2001 model leased in 2000, and bought off lease this year, it must have been good if they bought it). They had a couple problems with the multiplex electrical system, which were fixed by a new module for the rear (fixed under warranty) and a couple software updates from Volvo. There major repair was the complete replacement of the DSTC system, and brakes... Not to scare you but it cost them $5000 to fix, now I asked my dealer about this, and he said sure, it's possible that it could happen, but highly unlikely (was with my father looking at a V70 titanium edition to potentially replace the old 1993 965). My friend said her dealer was in shock when they saw her V70 come in on the back of a flatbed, it's incredibly rare. Yes, the car was driveable, but the red brake system light came on, as well as the DSTC light.... they didn't want to take the chance, Volvo roadside assistance paid for the tow.
Good aspects of the car are the thing looks as good as the day they bought it. No rattles/squeaks. Still has that Volvo leather smell to it (some people hate it... ours went away after about 8.5 years). Car drives so smoothly and effortlessly with the 2.4T engine.... she can get on the highway without breaking 4000rpm quite easily. The transmission shifts so smoothly.... Very nice car all around.
The S60 is a tighter car in back, remember that... It's okay tho, im 6ft and I can sit back there.... But in her V70, 3 6ft guys can sit in there.