Other than common wear items (tires, brakes, etc.; the only problems I have experienced are:
Sunroof sagged on its tracks, creating a leak.
The car had some wiring issues with the power drivers seat and the taillight harnesses.
The leather on the front seats has firmed up, and the part of the drivers seat-back that is brushed while sliding in has worn noticeably. (This can, no doubt be blamed on the previous owner not treating the leather properly).
The car takes a bit longer to start in either very hot or very cold weather, or when the engine has been run very recently (i.e. a quick hop into a store for a few minutes). The car always starts, it just takes a bit longer in those situations.
Overall, I am very pleased with the car. Volvos really do have a safe and solid feel about them, this car is fairly heavy despite its mid-size dimensions, which only adds to the feeling of solidity.
The front seats are still firm and supportive, while the back is extremely soft and couch-like; both very comfortable in their own way.
Steering is suprisingly agile on tight corners, response is just about where you want it.
The ABS system is truly excellent- could stop on a dime if need be.
The transmission shifts smoothly and quickly (far more refined than the automatic in my parent's '02 Chrysler).
Despite the rather small engine (2.4 liter four cylinder), acceleration is above adequate for a car in its class, and easily maintains acceleration up steep hills.
After 13 years and 112,000 miles, the engine still tests at the specified 160 horsepower, and doesn't consume a single drop of oil.
The car is safe and dependable, yet quick and agile when needed. The level of comfort and luxury is a far cry from my 71 Beetle.
No question about it, this Volvo is built to last. The B230 engine is practically bullet-proof, and the 700 and 900 series cars have proved virtually immune to rust. The only limitation on how long this car will last is, quite simply, how long I want to keep it.