One problem related to suspension has been reported for the 2004 Volvo S60. The most recently reported issues are listed below. Please also check out the statistics and reliability analysis of the 2004 Volvo S60 based on all problems reported for the 2004 S60.
When I drive my manual transmition S60r Volvo, and I shift I hear a loud thud in the back of the car, I checked everything that could possibly be making the noise and secured it, it bothered me so much I took it to the Volvo dealer and they told me that it was actually because of the suspention software and that there was a recall for this, however it was not applicable for my VIN. He said this was the best guess he could make, I informed him that it only makes the noise if you make a pretty gental shift, but it can happen at any time.