Let me tell you about my 2001 Volvo V70 T5...
September 24, 2011
Right off: When buying an older Volvo (older than 5 years), you need to go in knowing that you'll probably be sinking a bit of money into the vehicle. Within the first month of owning mine (I've had it for six months now) I had to replace the rear liftgate struts (2x $20, did it myself), had to have the oil pump replaced ($800, had the mech replace it), and just last week replaced the tires ($800, Eagle GTs work great!). I know in the pipe I need to replace suspension parts ($1600 - Yikes!). Also, especially with the '01 and '02 V70s you need to watch your transmission and make sure you don't start slipping. That'll be about $2000 to repair/replace.
But honestly, for what I paid, I got a good deal, even with the ongoing maintenance. If you treat it well, it'll love you in return multiple times. She's spunky and I've spanked more than my share of rice rockets at stoplights with it. :)
At purchase: 112,000 miles. Little bumps and scrapes on the bumper covers, clearcoat fade on the driver's side. $5200.
Currently: 118,000 miles.