The first generation Volvo S60 was sold from 2001 until 2008. It featured a variety of I5 engine options, from the base 2.4 liter to the 300 horsepower turbocharged 2.5 liter found in the S60 R. The S60 is sold in 5 trims: S60 2.4, S60 2.5T, S60 2.5T AWD, S60 T5 and S60 R.
The first generation received an update for 2005. The exterior was given some slightly updated styling cues and the T5 engine was tweaked for ten more horsepower.
The S60 R is a big upgrade over the other S60 trim levels. With all wheel drive and 300 horsepower, it's a true luxury sports car. Transmission options include a 5 speed automatic and a 6 speed GETRAG manual. The early models (the car was first sold in 2003) were much better with the manual transmission, with much better torque on the lower end. The S60 R was not sold after the 2007 model year.
The second generation Volvo S60 began in the 2009 model year. The Volvo I6 engine will be an option for the first time, as will a T5 turbodiesel.
There are a few places where you can find a used Volvo S60 without having to go to a dealership (where they will push the new cars on you no matter what you tell them you are looking for). The first place I check for used luxury cars is on eBay.