Great cars, even my circle of friends has a love affair with P2 S60s and I can count at least 5 of them that have passed through their hands with only regret at not having them any longer. They sound great and do everything I need well.
Mine has been with me over 16 years, my first "serious" car that I look a loan for when my career was getting going. Purchased at 30k miles, it now registers almost 220k and runs just as well as the day I bought it with regular upkeep and been through a lot with it.
Others have made good suggestions on what to look out for, I would simply add to consider changing the gearbox fluid as it is likely original and could benefit from something new. Mine has been using Red Line MTL since I purchased it, but there are other options like the Volvo Genuine MTL as well. Capacity on the M56 5-speed is just over 2 quarts, so purchase 3 quarts if you decide to take this on.
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