Could be the 2nd to 3rd shift flare that is common on this car. I think your car don't have geartronic (auto + manual shift option) so you can't put into the manual mode and confirm. Both of my 01 V70 T5 and XC70 exhibits this (can't tell in auto mode, but slight flare in manual mode)

Perhaps you can look at the RPM + count the gear shifts to see if it is indeed the 2-3 transition. 2-3 flare is also more prominent if under load like going up a hill. If it is, I know of the following possible fixes

1. Get the latest transmission software update. ~$30 for software + 1/2 labor. The shift profile is quiet different from the previous on my 01 T5, less so on my 01 XC70. It doesn't necessary fix the flare. The new shift profile could "hide" it.

2. There are some comments that the b4 servo cover is a cheap fix for this 2-3 shift flair problem. See

http://forums.swedespeed.com/zerothread?id=56209&postid=523182#523182

Have not yet tried this myself but seems this thread indicate lots of good results.

3. Volvo dealer will usually try to get you to do #1 followed by valve body ($1500 job) followed by new transmission ($4000).

Good luck. My Volvo dealer looked at my slight shift flare and declared this is the way car works! It is a common problem and the dealer doesn't seem to have a guaranteed low cost fix yet.
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2001 Volvo V70 T5 ASR, 2001 Volvo XC70 ASR Wife says we are Volvo for Life, http://howards01v70t5.blogspot.com/