Many people aspire to or dream of owning a luxury car, but, unsurprisingly, anything considered premium or luxury isn’t cheap. What’s the point of luxury if everyone can afford it, right? That’s where the magic of depreciation comes in. Sure, it may not be in its newest or most pristine shape by then, especially since owners treat their cars differently, but when you find the right one, a used luxury car can be just as pleasurable as owning a new one.

Nowadays, however, electrification is also playing a bigger role in our automotive lives, whether it’s to improve performance or reduce emissions. In some cases, electrification through a plug-in hybrid (PHEV) drivetrain is often the most powerful engine option you can get in a lot of luxury cars today. Case in point, this luxury PHEV, after five years of being driven by its previous owner (or owners), not only costs less than a brand-new base model 2025 Toyota Corolla LE for $22,325, but it also offers nearly thrice the performance.

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Take A Gander At The Volvo S60 Recharge

The luxury PHEV that’s worth a look at if your budget enables you to only get a brand-new base-level Corolla LE sedan is the Volvo S60 Recharge (branded as T8 before 2021) plug-in hybrid. Thanks to the magic of depreciation, the flagship variant of the S60 can now be yours for less or at the same prices as a base Corolla LE. However, looking for one at that prices isn’t that easy.

A Used Volvo S60 Recharge Starts At $20,995

According to iSeeCars, the price range for a used S60 Recharge for all model years ranges from $20,995 to $42,525. iSeeCars also predicts a five-year-old model to have an average selling price of $28,569. Of course, the ones that cost less than the Corolla LE are earlier model years, and in this iSeeCars listing, they can go as low as $19,995, which is below the average market value for an S60 Recharge.

Its key rival, and the only one that has been sold through the years with a plug-in hybrid version, is the BMW 3 Series. The current generation of the 330e first arrived in 2021, though for the 2025 model year, BMW discontinued it for the American market without stating a reason why. Also, due to the Bimmer only being introduced in 2021, iSeeCars does not yet have an average price for a five-year-old model. What they predict, however, is that both the Bimmer and the Volvo will have similar depreciation, with the former’s five-year value retention being at 45.8 percent, while the latter holding 45.9 percent of its value.

Volvo Resale Isn’t The Best

In general, however, Volvo’s resale values aren’t the best, whether in the overall industry or in the luxury segment. The Germans slightly fare better than Volvo, but the true resale value champ in the luxury segment are brands like Lexus and Porsche. CarEdge, therefore, recommends buying a 2023 model year vehicle, since this is when the depreciation curve for a Volvo is the steepest, whilst still having 83 percent of a Volvo’s useful life.

And then, of course, there are other factors why many people would rather go for a base Corolla LE versus an affordable used European luxury car. Historically, though not the absolute worst in terms of reliability, Volvo has mostly been ranked by J.D. Power as below the industry average when it comes to reliability. Lexus, unsurprisingly, is at the top, while BMW and Porsche are both above average. There’s, of course, the maintenance and insurance costs for a Volvo, which aren’t cheap, which means that yes, while an S60 Recharge may cost less than a base Corolla LE, just be prepared to shell out a bit more for running and insurance costs.

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Amped Up With Performance

As the pinnacle of the Volvo S60 model lineup, the S60 Recharge is both electrified and blisteringly quick. Gee, it seems that the additional running and insurance costs are probably worth it, huh?

PHEV For Performance Use

Two versions of the Volvo S60 Recharge or T8 were sold through the years. Until 2021, the S60 that was then called the T8 utilized a 2.0-liter supercharged and turbocharged four-cylinder and an electric motor, which gave it a massive total output of 400 horsepower and 415 pound-feet of torque. Opting for the Polestar Engineered variant not only gets you handling and chassis upgrades, but also a power boost to 415 horses and 494 pound-feet of torque. Thanks to its 11.6 kWh battery, it had an EPA-estimated pure electric range of 22 miles.

By the 2022 model year update, when it has been rebranded as the S60 Recharge, the supercharger was removed in favor of a more powerful rear wheel-mounted electric motor. As a result, its max output has been raised to 455 horsepower and 523 pound-feet of torque. Yet, thanks to a larger 18.8 kWh battery pack, its EPA range has also been increased to 41 miles–one of the best out of any PHEV. Regardless of the S60 Recharge or T8 model year you choose, all came with an eight-speed automatic made by Aisin.

The Driving Dynamics Of An S60 Recharge

Despite its PHEV that’s meant for performance, and even with the presence of a Polestar Engineered variant, the S60 Recharge or T8 is more of a comfort-oriented luxury sedan with a bit of sporty flair. In typical Volvo fashion, the ride of the S60 is plush, comfortable, and compliant. The cabin refinement and insulation also match its ride characteristics. When it comes to cornering and handling, though, it’s not as fun or as sporty as a BMW 330e, but that doesn’t mean the S60 isn’t a great car to drive. It just so happens its orientation is more towards comfort rather than sportiness.

Furthermore, the S60’s comfortable yet competent enough handling is matched by a blisteringly quick plug-in hybrid drivetrain. Since the model that our team tested was a 2023 model year vehicle with an upgraded drivetrain, its engine was undeniably and ferociously quick, yet still remaining smooth in whatever driving style you command the S60 to do. Even with the earlier model years, the S60 is going to be a smooth operator that happens to offer breathtaking acceleration.

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What Else The Volvo S60 Offers

Now that you know why the S60 Recharge can cost less than a Corolla LE sedan, as well as finally learning about its driving dynamics and potential ownership challenges, you are probably interested to know about what the S60 is like when it comes to its interior usability and exterior design.

Distinct Exterior

One thing that we like about the Volvo S60 in general is its distinct styling. Next to the curvaceous Germans and edgy Asians, the S60 has an angular look that gives it a unique presence. Depending on the trim, the S60 can either look elegant and classy, or sporty and aggressive in the case of the R-Design or Polestar Engineered variants. We’re fans of the R-Design and Polestar Engineered trims, but your preferences may vary.

Sumptuous Interior

One thing that we’ve always loved about Volvos is their sumptuous interior quality. Whichever model you go for, a Volvo interior is upscale and crafted to excellence. This is in stark contrast to its German rivals, which are filling their interiors with giant screens, gloss black trims, or a hodgepodge of both. We commend Volvo for still using a lot of matte textures, ranging from open-pore wood to brushed aluminum trims, which, for some reason, is getting increasingly rarer with our German favorites. Unfortunately, however, the rear seats of the S60 aren’t the best. Even a BMW 3 Series has better rear seat accommodations, but apart from that. the S60’s interior is undeniably a nice place to be in.