I bought my 2001 V70 T5 w/35k miles. Have had no great surprises yet. Have had the trans fluid flushed 3X, engine oil changed regularly. Couple of brake flushes, coolant flushes. Electronic throttle module and cooling fan relay replaced under warranty. Some smaller things, I didn't notice; the dealer did, and replaced under warranty: wheel bearing, endlink, turbo drain seal, and misc. Replaced lower control arms, lower transmission mount, installed Bilsteins between 80-90k. Just took a 2500 mile trip without leaving Texas averaged 25 mpg with hwy speeds of 70-75 mph, and some pretty stiff headwinds. The trip north averaged over 26 mpg. Mileage fell after losing a headlamp to a deer. Bulbs still worked, but had to pull all the glass, and most of the reflectors. Figured clear tape would have been a fire hazard. I think most replacement items should be replaced more frequently than Volvo recommends. And keep the little things clean; sunroof drains, climate control inlet on dash. I think transmission may be the most important thing to check out; as there are lots of complaints on the boards about 2001s.
My only really gripe is the auto-dimming mirror with ignition/key sensors built in. My mirror began self destructing at around 60k. I finally clamped on a small panoramic mirror.. The idea that the the entire fixture must be replaced and programmed to the car for the good part of $1k is engineering stupidity worthy of General Motors. I hope someone will play around with a wreck and try separating the electronics from the mirror. Apparently a programmed unit (from a wreck) cannot be reprogrammed to your specific car.

Have a reputable private shop check it out.