If the car is going to be garaged then metallic paint is fine, otherwise avoid it. It doesn't respond kindly to constant sun.

The more electronic stuff you get, the greater the chance of catching the "volvo electronic gremlin". Electronics is a weak point in aging volvos. If you are going to keep the car past the warranty, make sure the electronic options is something you really need. Example, I never use the sunroof in my 740, thus when I got my V70, I got one without sunroof, thus I don't have to worry about rattles in the roof, leaks, and stuck door.

Otherwise, the '04 V70 is a great sport wagon.
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'88 240, '92 745, '98 v70 John, Tampa Bay