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While the manuals are fun (and faster, and better gas mileage) the 04+ automatics aren't as bad as the 99-03's. The main problem with them is that Volvo didn't recommend a service interval on flushing (or even changing) the fluid. People get 100-150k miles on the fluid, it breaks down and the transmission wears. Either it sludges the components up or it fails to lubricate properly... If you flush every 50k and don't do things like rev it to 6k in N then drop it into gear, you'll be fine...
I'd probably be going somewhere in the 05-07 range (probably an s60...), (it'd probably take me 3-4 months to find the right car and i'd be looking nationwide...) that has had all the service. I'd prefer something that is due for the 75-90k maintenance (timing belt, ect.) because I feel that if its just before I'd get a better price, and I'd like to know the parts are correct. Perhaps if the dealer did the work, I'd consider it, but the PO would tend to add much of that cost into their price. I figure I'd budget a month after I bought it until it became my daily driver. Thats figuring for doing the work myself as well as time as I wait for the parts that I'd order online... Possibly upgrade the suspension depending on how it rode.
To be honest with reliability, there aren't many cars out there that if well maintained won't last 200k+. Volvo's will go on for a long time and are good handling cars with a bit of pop. They're also incredibly safe cars (good when you have a family to think of..). Whatever car you choose the consensus around here is go with synthetic fluids (brake, oil, tranny..) and commit to servicing the car. That is the most important part of getting the car to last 300k+ (well, that and having the money to fix things as they wear out...)
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If you're not driving it "like its stolen," are you really driving?
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