Volvo has continued to improve safety features for its flagship sedan. The 2002 model year adds Emergency Brake Assistance as a standard feature on all models, and Volvo has also improved throttle management and traction control. The S80 also receives appearance enhancements, including color-keyed exterior trim and new color choices. A special edition T6 Elite is also added this year, combining all of the Executive's interior amenities with a five-seat layout.

The Elite is and extension of the T6 Executive style, and it does exist as a separate trim level. There are three S80 variants: the entry-level 2.9, the T6 and the T6 Executive. All S80s are equipped with most of the expected luxury items, including leather upholstery, dual-zone automatic climate control, cruise control, keyless entry, heated mirrors and steering wheel-mounted audio and climate controls.

The two available S80 engines are determined by the trim level. The 2.9 gets a 2.9 liter inline six, which provides 197 horsepower and 207 pound-feet of torque. All T6 models are powered by a turbocharged 2.8 liter inline six, making 268 horsepower and 280 pound-feet of torque. Both engines are paired a four-speed automatic transmission, and the T-6 gets a manual shifter. EPA estimates are 19/27 mpg for the 2.9 and 18/26 mpg for the T6.

According to reviewers and consumers, the S80's top features are build quality, safety, interior comfort and acceleration. The 2.9 is fast enough, but the T6 models offer above average acceleration, speeding from 0 to 60 in about seven seconds. Some test drivers have reported the the T6's suspension and steering systems are not adequately matched with the engine power. The steering feel is not natural enough. The automatic transmission's power delivery is very smooth and there is very little turbo lag when the T6 takes off.

Many consumers have found some of the S80's controls difficult to manage, especially the back-mounted steering wheel controls, which are not visible to the driver. When the navigation system is added, the dash layout becomes a bit cluttered and more confusing.