This is the first time I have gotten a car for myself. I just love something about Volvo’s. My fiance had one for a lot of years and while sometimes they can be a money pit overall they are great cars. Especially if you know what you are doing. However, his was not as old. I’m wondering what make of cars you guys recommend me looking at if not Volvo’s?! Thanks so much!!
Molly
It is a guessing game, the price seems fine but get it checked out by a qualified mechanic first, maybe it needs brakes and tires, or routine maintenance, could easily be another $1200
That’s actually fairly frequent, especially for older Volvos. Can you afford a money pit? If not, look at Honda and Toyota.
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I have had two friends who drove older Volvos, they both had factory service manuals on the back shelf.
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I just looked up in kbb.com for a 2001 Volvo S60 with 128K miles in good condition.
It reported the vehicle is worth:
- $539 average trade-in value to a dealer
- $1354 average value for a private sale
If the condition is very good instead of just good, it only adds about $200 to the value of the car.
If you buy that car for $3700, then
- Someone is making a nice profit
- If you get into an accident and total the car the next day, you will have lost about $2700 instantly, since the car’s value was only in the $1000 range.
If it were me, I’d see this purchase as a risk (because it could be a money pit w/repairs), and as an overpriced car. And I’d keep looking.
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A family member had a 1998 S60.
It cost a minimum of $500 every time it had to go into the shop. And it was frequently in the shop.
I’d run away from any Volvo, myself. But your results may vary. Good luck.
As @JoeMario said, the price is too high. You didn’t tell us the trim level, transmission, and options. I priced a well optioned T5, the highest trim level, at $3000 on a dealer’s lot. If it is a private sale, take $1000 off. On price alone, it is a bad deal. Volvos are luxury cars. Maintenance and repairs will be more expensive than for lower trim levels. The cost for parts and labor on old luxury cars doesn’t decrease with age like the purchase price does. Keep looking. If you know that luxury cars are more expensive to own and it doesn’t bother you, find one that is reasonably priced or that you can negotiate to a reasonable price.
We have a Volvo as my screen name suggests . Purchased new , would I buy a used Volvo , absolutely no I would not.
@gabesgirl8786 I also agree that the price is higher than it should be so look at Kelley Blue Book for price range , have the vehicle mechanically examined and make your decision.
A used Volvo is not just a crapshoot; it’s a virtually guaranteed money pit. Stay away from this one.
there are a few non-running 02-04 volvos on CL now. some have bad timing belt. some have bad trans, some dont “run” according to seller. all are 500-1000
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I absolutely agree with this.
Volvos are know to age poorly, and repair costs are two to three times that of most other vehicles. This one is at an age where you can expect to be spending a lot in repairs. Unless you have a very healthy cash flow, this is a very risky purchase.
Hey! Thanks for replying! My bad, call me an idiot, but for some reason I’m not understanding what you mean by that sentence 
Molly
Thanks!! I appreciate your opinion!
He means the cars broke so often that they carried the repair manual around with them.
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