Faults:

Throttle body had to be replaced (known issue, lots of information online).

Clutch slave cylinder (located inside the clutch housing, very expensive to replace).

Alternator pulley.

Steering stops (common issue).

Coolant reservoir leak.

Driver's side (inner) door handle.

Passenger door lock actuator.

Exhaust clamp (rusted and fell off).

Washer fluid level sensor.

Oxygen sensors.

Battery.

General Comments:

This is a wonderful car. The design is timeless, looks terrific from every angle. The interior is very comfortable, ergonomics are excellent except for the buttons behind the steering wheel which other reviewers complain about, although in my case I didn't really mind. Amazing sounding stereo and very comfortable seats.

The car is seriously fast, both in acceleration and top speed. However turbo lag is quite noticeable, especially on the 5 speed manual.

The car feels extremely stable on the highway. Unfortunately handling is on the poor side, probably due to being relatively heavy and FWD. This is despite having the factory sports suspension, which can be quite harsh on uneven pavement. Gas mileage is surprisingly good, about 8L/100km highway driving. The steering is precise and provides good feedback. Unfortunately the turning radius is atrocious.

Rear visibility is poor. Getting people into the back seat can take some time due to the front seats moving electrically.

The car never ever failed to start except for the time the battery died, which was actually my fault since it had been giving me signs of being on its way out several days before. The only time the car left me stranded was when the clutch slave cylinder failed (clutch pedal wouldn't return and a pool of brake fluid appeared under the car).

In summary, while far from perfect, this is a truly great car.

Faults:

Not much at all. Extremely reliable car.

Leaking heater core - Inexpensive fix.

Suspension struts - Replaced all 4 (to be expected).

Top engine mount worn and replaced, again inexpensive.

Also replaced the soft top, but that's to be expected given its age and the Australian sun.

General Comments:

Fantastic car to own and drive. Extremely well built and reliable car. Typical Volvo build quality and safety.

The engine (2.3L high pressure turbo) is extremely smooth, as is the auto transmission. 15000Kms after changing the motor oil, it still looks new and honey coloured. Not surprising that these engines easily last more than 300 thousand Kms if looked after.

The aircon unit is one of the best I have experienced, and the soft top works effortlessly with the push of a single button. There's nothing like driving with the top down on a warm summer evening, and with the optional wind deflector installed and the heated seats turned on, I even had the top down driving through the NSW snowfields in winter, and it was most enjoyable!

The car looks a million dollars, and good models can be bought for a fraction of their original AUD$98K price tag. This is the first Volvo that did away with the traditional box shape and it still gets looks. The options list is also excellent. Only things I've added are a Bluetooth handsfree kit and an iPod adapter. It's now as modern as any 2012 model :)

It feels more at home on long distance highway trips, but I find it's very good for commuting also. And it pulls like a train!

The engine produces 176KW and the 0-100Km/h time is around 7 seconds, which is extremely quick for a big heavy car like this.

Only negatives are:

- Huge truck-like turning circle (it really is a joke).

- Snail-pace slow moving electric seats (annoying for rear passengers when they want to get out).

- It's a little thirsty for top-shelf 98 RON, but that's true for all turbos.

- Cabin scuttle and shake. Again, typical for convertibles.

- Heavy car at nearly 1.6 tonnes, but that's the tradeoff for Volvo safety.

- Steering feel or lack thereof. A sharp-handling sports car it isn't (especially when compared to my previous Alfa). But again, it's big, heavy and safe, so it's a tradeoff.

If you like the looks (like I do) get one!! You will not regret it. They really are well designed and built luxury cars.