Faults:

ETS has failed, however this is not an issue for me, as I became a professional repairer of them and have assisted hundreds of owners with this system.

The 5 speed auto transmission, which is unique to only the R model and non turbos in the older body style in year 2000, has some valve body issues, which I believe either replacement of the solenoids or a refurbished or new valve body will solve.

The A/C has a leak somewhere and has never held refrigerant for long, so is not working.

Driver's and one rear window switch were replaced.

Front shock absorbers were original & getting tired at 280,000km, so I replaced them with Quinten Hazel units and am very happy with the ride/handling compromise.

Inner tie rods caused high speed instability at 300,000km. With new ones the tyre wear is even and stability is great.

No oil leaks whatsoever, which is awesome, however I do my own maintenance such as oil & filter. The oil cap seal can be a source of leakage on pre 2008 Volvos, and can literally flood the top of the engine, so this seal gets replaced at every oil change.

The top engine mount has failed and transmits some vibration to the cabin... Replacement is not difficult or expensive (under $60 AUD), and will be done shortly.

General Comments:

I bought this car fully knowing that at high kilometres there would be compromises and more maintenance than in a newer car. Even so, it has delighted me with excellence in practicality due to the rear seat/folding backrest, and a driving experience which has been totally pleasurable.

Front seats are great and the rear seats have boosters built in and also a built in centre child seat. Carpets, dash and plastics are excellent quality.

Climate control works well, and the cruise control keeps speeding fines down to a minimum.

The 125KW engine is ample when mated to the 5 speed auto, because there is always a good spread of torque and it rarely strains unless fully laden or towing.

I love the styling of the body. The later ones are pretty, but this P80 body is cleaner and more of a "classic" shape. People always identify this car with a bygone era of simplicity and style.

With built in massive section roof rails and a set of roof bars, it has carried ridiculous amounts of lumber and heavy items way over the carrying capacity of the roof with no issues.

Faults:

Headlight lens, brake hoses, parking brake, thermostat, interior lights, ignition coil - lots of fiddly little things.

General Comments:

This car was quite neglected when I bought it, and it immediately needed about $1,000 in repairs. However, once done, I consider it quite a bargain. Volvo's have a reputation for being expensive to fix (pretty true) and unreliable (not so true), so if you're lucky you can scoop one of these for cheap - I got mine for $2500. That's a steal considering all the options (moonroof, leather, auto climate control) and safety features (stability, traction control, side impact airbags, etc). Plus, being a wagon, you can fit loads of stuff in it - fold the seats flat and you can practically park the QEII back there.

Here's the good: Undervalued and mostly taken care of by the posh soccer moms and college professors who previously owned them - poor resale value means you can get one on the skinny.

Even more good: durability. These cars were built to last 20+ years, so mine has an almost perfect undercarriage (no rust), great body, and feels like it was carved out of a solid block of steel. The interior is about as comfortable as you can get, better than pop's Lexus.

The bad: this car is SLOW, and I mean seriously slow. Grandma-going-up-the-stairs slow. For real. If you want any sort of speed or driving enjoyment, look elsewhere. This is like driving a brontosaurus.

More bad: Major problems will probably be a deal-breaker - engine or transmission work can easily get you into the $4K range, which is probably not worth it for a car this old. Test drive before you buy, and if the engine or transmission leaves you feeling shaky, just walk away.

If you're handy with a wrench, you can find lots of reasonably priced parts online and DIY instructions for fixing common problems, which will save you tons of cash. The engine compartment is simply huge, and easy to work on - not like those Japanese cars where you need midget hands to change out a spark plug.

Would highly recommend for a third car, trips around town, or for teenage drivers.