There have been many reports of ABS Control Module failure. When they fail the ABS and Check Engine warning lights will come on. The speedometer may stop operating as well. To address this issue, there are companies that can repair these units, or it will need to be replaced.
Car problem reports
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Newest reported 2002 Volvo V70 XC problems
The electronic throttle module (ETM) has a higher than normal failure rate. There is a possible extended warranty and/or a software upgrade offered by Volvo for this problem.
Many complaints have been reported regarding Volvo Cross Country transmission shifting issues. Long shift times between gear shifts, hard shifting, hard downshifting and a loss of transmission operation all together to name a few.
If the issue is minor, a transmission software update may address this issue. If available, the software should be updated before any repairs are made. After a software update or repair, the shift adaptation needs to be reset. A good quality Volvo repair shop will know how to perform this task.
There are several technical service bulletins (TSB's) available from Volvo that address these shifting issues and they should be consulted by the repair shop during the automatic transmission diagnostic process.
Regular servicing of the transmission fluid can help with preventing transmission failure, but not in all cases. Follow the suggested fluid replacement interval recommended by Volvo. You will find this in your owners manual, or find it here: http://bit.ly/Volvo_Owners_Manuals
The upper engine mount may wear prematurely. Symptoms may include a harsh feeling when the transmission is shifting and roughness when the engine is idling. Worn engine mounts should be replaced as necessary.
Front upper strut mounts may wear prematurely, resulting in loud noise from the front of the vehicle when going over bumps.
The turbocharger return pipe seal may develop an oil leak. The leak can begin very small, but will eventually progress into a large leak. Our technicians recommend having this repaired at first signs of leakage.
Front and/or rear sway bar end links may wear out prematurely, causing a knocking noise from the front or rear of the vehicle when driving on bumpy roads. Our technicians recommend inspecting the links at each service, they should be replaced if any looseness is found.