I use water with a little car soap and lightly brush the top to clean it, rinsed with lots of water. I use 303 brand fabric protectant from a boat store like West Marine about once a year. I do this on my Mercecdes 380SL roadster, so the top is smaller, and I use a full can each time. This car isn' out in the rain much, but it gets both waterprofing and UV protection from the 303 and the fabric still looks new after 10 years of this. You can see the rain bead on the fabric when it is well done.
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Mike Sullivan '07 XC70, '95 855T (100k), '95 855 NA (148k). Past Volvo's: '85 744 (256k), '86 245 (165k), '86 245 (195k), '88 745 (208k), '91 745 (196k), '93 965 (147k) , '98 V70XC (98k).

I've always just followed the advice of a local convertible top man
- wash it well w/ a soapy mixture (I use a clean sponge)
- rinse well, then rinse again
- let air dry
- use Scotchgard from time to time

When using the Scotchgard I always tape off the back window and use cardboard to shield all other painted areas and glass from overspray. I've only done this 2x since new.

You will find the top beads water better after treatment, but it still does get wet after prolonged exposure. I've been assured that it's a 4-ply top that is supposed to do this - we can't expect it to totally shed water.

I had heard about a kit being put out by Volvo when I bought my 2000 C70 convertible, but despite my checking in w/ the Parts Dept. several times over the years, it never materialized.

Otherwise - just don't open or close in extra cold weather (near freezing), and it will always look great!

BTW: I have the beige top - although I sometimes thought twice about a light color - it has been just fine!