We have a new '03 V70 AWD. Our noise was from the front left wheel and could be best heard in an underground parking lot where it was quiet at low speeds. It sounded like small stones in the hubcap. The deal ended up adjusting the LF caliper backing plate which was rubbing against something. I think he is on the right track - the sound changed after his adjustment, but didn't go away entirely. I will go back and have him try again.
We also had a "thumping" noise in the front. No clear answers yet. The dealer thinks it may be the front mud flaps hitting speed bumps etc because they hang down too low. He said they have been trying to get shorter mud flaps for the front of the car to remedy this problem.
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