This may be the same for most recent Volvos, or the C70 may be unique, but anyway, I have a 99 C70 convertible, and when I bought it the spare tire (original undersized spare) and jack had been used, and thrown back in the hole in the trunk floor and not reinstalled correctly. I cannot for the life of me figure out how to do it correctly. I have the spare, the jack, a strap and a hard dark gray styrofoam ring. I am assuming - correct me if I am wrong - that when properly insalled that assembly provides some support for the carpeted truck floor so it doesn't sag. Mine does not. Does the tire go in upside down or right side up? Where the does the gray ring go? Under the tire? On top? I have the tire upside down, the jack inside that, and the ring on that, but set up that way the ring is sitting there doing nothing.

I like Klaus' advice.

What I do is put a full-sized, off0season tire and wheel with the backside up on top of a hunk of newspaper to protect the wheel. Then I add a round piece of cardboard that fits inside the wheel. I then add the jack, tools and other stuff loose. I carry spare plugs, a few bulbs, a used serpentine belt, some wire, zip ties, a rag, etc.

Some day, I'll find a round container that fits and turn the whole pile upside down so that the valve stem is up.
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'96 855R, '95 855, 854, '90 744 TI, 366,000 miles put on 7 bricks

James,
To add to what you are saying------I got tired of taking out the spare tire to check air pressure (valve stem when tire upside down) so I went to an auto parts store (or RV place) and bought an extender for the valve stem and ran it up through the spokes to be accessible from the top. These extenders are used for dually's to check the inner wheel air pressure. Works great.

LOL
Sorry, but your predicament just made my day. The plastic round thingy goes on the bottom, the tire upside down on that, the tool kit inside, and the elastic strap goes from 8 oclock to about 2 oclock, through the slit in the brass tire hold down. Make sense? Over engineered and too complex for a a single purpose function.
See if one of your regular wheels fit the hole, buy an extra one, and put the old spare in the garbage can! Along with that round thingy.

Thanks,
Klaus
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98 V70Rawd(101Kmi), 95 854T(85K mi), 75 164E(173K mi)