Volvos seem to be somewhere in the middle as regards reliability. Like most makes, it often depends upon the car bought, e.g. a petrol or diesel engined car, when applied with the type of usage, e.g. mainly short trips from cold or mostly longer trips on faster flowing roads. Or a manual, torque converter (TC) or dual clutch type auto (DCT), the latter are generally less reliable long term (KIA/Hyundai seem to be much better in that regard) than the first two.
Unfortunately for you, Volvo's reasonably recent transfer in ownership means that there could be be changes (good or bad - not entirely clear yet) in reliability of the latest Volvos and the level of customer service at their dealerships. Other than what others say here, check the Reviews section for the latest cars (Good and Bad sub-section will show up problems, though not the proportion of cars affected).
Don't just look at the review of the model at hand, look at others in their current range as well, as many parts are shared (or they use ones from the same supplier/factory) and so a problem with another car in the range that's been on sale for (say) 2 years might appear on the newer model as well.
www.honestjohn.co.uk/volvo/
The XC40 gets very good reviews, but like all new models, its too early in its lifecycle for most faults to appear. That's why I prefer to wait until a car has been on the market for at least a year, maybe more, before adding to my list of possible choices. Its all about risk.
Like many makes, the more goodies (mechanical and electronics optional extras) you add to a car, the greater chance of problems. Greater complexity of a car's systems combined with the main focus on the styling and performance, to the detriment of engineering can make cars very unrelaible. This is why so-called luxury brands (other than Lexus) always do so badly in reliability surveys.
PS. You may wish to look at getting an ex-demo or showroom car if you want to avoid waiting, and some of these have ultra low mileages (under 1000) and have significant price reductions over a brand new model. Always worth a look, from any make.
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