Guys,

I recently bought V70 T5 2001 - 84K km in Australia. I like it quite a lot. It is fast and responsive car, but sometimes has a strange issue with the gear box - Automatic 5 speed Geatronics.
When I am waiting on the traffic light in Drive (stepping on the brakes) and then start the gear box *occasionally* clunks/bumps on first gear. No problems so far with upper gears.
I have read few stories on the 2001-2003 Geabox. Some is saying it is problem with the software !?
Example: http://uk.answers.yahoo.com/question/index?qid=20081114041842AAQ9qjP
"..The V70 has a Asian Warner transmission in it. That trans has been very reliable. 2001 and early 2002 had a problem due to software but that can be fixed with software if it hasn't been already. just put it in reverse the drive and feel for two bumps like it engaged drive twice. Also put in drive and wait and feel if it goes in neutral after three seconds. that's normal but the software upgrade will get rid of it. All things considered it is a great transmission ..."

It is true ? I am new to this model.
What is your experince? Do I need to change the gear box ($$$) ?
Any opinion will be good.
Regards, Steven

Actually, quite a few issues with this gear box. Read here

http://www.freewebs.com/howardsvolvos/driveline.htm#255210425

I would do the following low cost sequence to try to correct this problem.

1. Get new software loaded... get rid of the stop on neutral feature that wears out these gear boxes
2. Call Volvo dealer with your VIN to see if your B4 servo is a faulty design
3. Flush transmission fluld if none has been done in the last 30k miles
4. check if lower transmission torque mount bushing is ripped. Most are.. replace if worn.

The valve body solenoids also underwent redesigns in the later models so 01s are stuck with a higher failure design.
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2001 V70 T5 ASR, 2001 XC70, http://www.freewebs.com/howardsvolvos/

Quite true. A software upgrade should have been done at some point in time to get rid of the clunking and eventual failure of the tranny to disengage the torque converter lockup when stopping. This is a dealer only thing and they like to charge 1 hour of labor.
If you would have had 200,000Km on the odometer, I would have had you check the engine and tranny mounts to make sure things are not rotating in the engine compartment. Your tranny will not need to be replaced, relax.

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My name is Klaus and I am a V ♂ lv ♂ holic.

Klaus,

Thanks for the encouragement :-) will try software upgrade first.

Regards Steven