This is a fairly good engine, but you can check www.carsurvey.org to see what problems owners have experienced.
volvo motors will last you forever if you treat it right, even the newer ones will last you longer than most makes.
It is a great engine as long as it is properly cared for. I had a 1993 volvo 850 GLT with the I5 and it ran great even with 260,000 miles. Just beware of the S80s they had tons of electrical problems.
Also I currently have a 2001 S60 with about 200,000 miles and the 2.4 I5 runs like new.
I have a 2001 S60 T5. Its a high pressure turbo I5. It has 191,000 miles on it. 0-60 time is much better than what Volvo said it was brand new. So yes. It is a very dependable engine. Volvos are Tanks!!!!
The I5 motor is a great motor that will run forever as long as you take care of it. I've got a 95 850 thats got 250,xxx miles on it and it still runs great. Just basic care will go a long way, I know a few people who have opted to go for a rebuild at 300k just as a precautionary as after that long you have put a bit of wear and tear on the engine. But keep in mind it's not necesarry.
Looking for a Used S60 in your area?
CarGurus has 6,929 nationwide S60 listings starting at $1,995.
Search Volvo S60 Questions
Volvo S60 Experts