Faults:

ABS light, just a sensor, sorted fairly quickly and for a reasonable cost by a trusted local garage.

Mechanical wear and tear - I had the front shocks and driveshafts changed at last MOT. Brakes required attention - all acceptable at the age and mileage. Air-con is weak, probably not worth fixing.

I keep the car serviced on time and it has never let me down. Recently though a strange fault where it won't start on the first turn of the key, then you smell fuel? Weird. Then it starts OK! Will get my mechanic to check it out to be sure and safe.

General Comments:

S40 1.6 S, the most basic model, but has very nice alloy wheels and looks the part. I like the look of this car.

Still has a lot of equipment for a basic model - I have heated seats and electric windows and mirrors. Climate control is good as well. Has the most comfortable seats I have ever sat in.

The car is nice to drive, some big blind spots, surprising for a Volvo. Pillars are too thick, but I understand that ironically enough this is for strength (safety) if the car flips over.

The 1.6 has poor acceleration, but makes up for it with close to 40 MPG when taking it easy. I'd go for the diesels, but I have heard they are not quite as reliable as any petrol engine in this car.

Overall if you are looking for a cheap modern car, the S40 is a good choice. Over 10 years old now and won't last forever, but I plan to keep this car as long as possible. Looking through the reviews on here (and elsewhere) the S40 gets an average write up for reliability, but I feel this is just typical of modern cars in general, they can have expensive electronic faults, the trick is to find a local independent garage to take care of cars of this age at a good price. Luckily I have a Volvo specialist at hand.