I'm looking at a 2003 Volvo v70 Wagon with 126,000 miles. 5-speed manual 2.4 engine. Offered at $4000 KBB states round $3k TOP
Southern California

I've never owned a Volvo before and I'm not sure what they're like. I really like their style, and I like their wagons. I know their older model are built like a tank and last like a planet.

What are things I should look out for? What kind of mechanical problems do Volvos carry around 120k+ miles? How are repairs?

 

Hey there. I am a new member here and have been looking as well. So far this is what I've learned.
Timing belt is the main thing to make sure they did. People around me seem to sell them right before it needs to get done. I have been quoted anywhere from $700 to $1300 for that job and it would make your cheap transportation suddenly expensive.
There is some issues with the Magnetti Morrelli throttle body on the 2001 to 03 cars. Apparently they are expensive to fix when they go out. I saw a post on how to tell if they had been replaced.
Our local specialist said to make sure all of the windows and locks work. Apparently the modules in the doors are $$$ to fix too.
One thing I noticed with several of the cars I looked at was bad motor mounts.
You are right, cars look great And ride nicely. Good luck with the search.

 

Mine is a later vintage but I did work on my friend's 2004 a few times. They seem to be very reliable generally based on what I saw with his. The wiring harness on the left hand side of the rear hatch has a tendency to get ripped apart which will result in a bunch of odd error messages creeping up or lights staying on. Not a difficult fix just a bit of a pain. Make sure the rear hatch open, that the license plate lights up, that the rear wiper works, and that the dome light comes on. The other telltale sign is the "hatch open" message. The fuel regulator has a tendency to go at that mileage. Expensive part cheap to install. Take a good look at the exhaust too - you may have an upcoming job on your hands there too.