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My humble opinions only:
Series 1 V70: 1997 (1998 in USA?)-2000. Getting old. All the used ones I have seen are trashed out and filthy but you may have more choices where you live. Avoid AWD as this feature seems to be an expensive maintenance burden.
Series 2 V70: 2001-2007. Nice car, more plush and comfortable. The earliest couple years were reputed to be buggy (and Ford had just bought Volvo). 2005-07 are luxurious, nice cars and have the reliable 5-cyl engine. Many safety features. If you are really lucky or hunt diligently, you may be able to find a manual transmission example. This will be a really nice driver's car.
Series 3 V70: 2008-present. More upscale and luxurious than ever, 6-cyl engine with lower gas mileage than the previous 5-cyl, introduced just in time for the runup in gasoline prices. My wife found the handling to be numb and boring, just a big plush over-boosted car, but your opinion may be different. No manual transmission in USA.
More details here: http://en.wikipedia.org/wiki/Volvo_V70
As for reliability and avoiding mickey-mouse issues, an Acura or Lexus will be vastly superior. Sorry Volvo fans, that's just the way it is. I personally hate crossover and prefer station wagons, but the crossovers have been immensely popular in USA, so clearly they suit many people. They are fine as long as fuel is cheap. If you want a reliable AWD station wagon, why not a Subaru?
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