Kelley Blue Book


HomeVolvoVolvo XC40
2023 Volvo XC40
#3 Best Luxury Subcompact SUVs of 2023

Used 2023 Volvo XC40

4.5
rating
Expert
4.6
rating
Consumer
Write a Review
Save this car
2023 Volvo XC40 Exterior: 0
2023 Volvo XC40 Exterior: 1
Exterior (17)
2023 Volvo XC40 Interior: 0
Interior (15)
2023 Volvo XC40 All Media: 1

View All Media

2025
2023
leaf_icon_picture

Electric Variation Available

Fuel Economy
26 - 27 combined mpg
Horsepower
194 - 247 hp
Seating
5
Cargo Volume
57.5 cu ft
Next Steps: Shopping for this car?
See Cars for Sale

2023 Volvo XC40 Review

Colin Ryan

By Colin Ryan

Updated January 30, 2025

Colin Ryan specializes in writing about new cars. He has done this for the Los Angeles Times, Variety, Kelley Blue Book, Autotrader, Popular Mechanics, Mazda and Lexus customer magazines, plus a bunch of enthusiast sites and publications. And he spent several years as a staff writer at BBC Top Gear magazine. During this zig-zag of a career trajectory, he has driven everything from budget Malaysian hatchbacks (yes, they exist) to scarily expensive Italian exotica.

Pros

  • Relatively spacious
  • All-wheel drive is offered
  • Top safety scores

Cons

  • Base trim has cloth upholstery

What's New?

  • All XC40s are mild hybrids now
  • Updated infotainment system
  • Trims are now Core, Plus and Ultimate
  • Subtle styling revision

One of Volvo’s strong sellers, the XC40 is a good size for city life, yet still spacious enough for average-sized families who have moved away from the metropolis. This broad appeal is bolstered by top safety scores in crash tests. Hipster, commuter, or parent — we all want to feel protected.

Among the main changes for the 2023 Volvo XC40 is a new Google-based infotainment system. Don’t worry, iPhone users, Apple CarPlay is part of the package. There’s also the addition of a mild hybrid setup under the hood, as part of Volvo’s push to have some element of electrification in every one of its new 2023 vehicles.

The all-electric 2023 Volvo XC40 Recharge is reviewed separately.

2023 Volvo XC40 Pricing

2023 Volvo XC40 pricing starts at $29,114 for the XC40 B4 Core Sport Utility 4D, which had a starting MSRP of $37,445 when new. The range-topping 2023 XC40 B5 Ultimate Bright Theme Sport Utility 4D starts at $30,300 today, originally priced from $47,595.

Original MSRP
KBB Fair Purchase Price (national avg.)
$37,445
$29,114
$39,445
$29,629
$41,845
$30,000
$41,845
$30,200
$43,845
$30,400
$43,845
$31,500
$45,595
$30,100
$45,595
$31,789
$47,595
$30,200
$47,595
$30,300

The Kelley Blue Book Fair Purchase Price for any individual used vehicle can vary greatly according to mileage, condition, location, and other factors. The prices here reflect what buyers are currently paying for used 2023 Volvo XC40 models in typical condition when purchasing from a dealership. These prices are updated weekly.

Driving the Volvo XC40

There’s the raised driving position and an 8-way power-adjustable driver’s seat that’s standard across the 2023 XC40 SUV lineup. So getting comfortable and confident is accomplished easily.

The whole driving experience is easy. For better or worse, the XC40 is not one of those vehicles that demands concentration but rewards with thrills. Instead, there’s a pleasant effortlessness about it.

Naturally, the 247-horsepower engine that comes with the all-wheel-drive system is more engaging than the front-drive model’s 194-horsepower unit. But city dwellers won’t notice much difference and may not care.

Potential buyers living in areas where heavy coats and woolen hats are pulled out of the wardrobe every year will want all-wheel drive. And they’ll appreciate the 8.3 inches of ground clearance when the snow piles up. They might also want the heated steering wheel and heated rear seats offered as an optional package in the top two trims.

Interior Comfort

For a subcompact SUV, luxury or otherwise, the 2023 Volvo XC40 is spacious. The cabin is also well thought-out, packed with quality materials, and comes with a 9-inch infotainment touchscreen oriented vertically.

Volvo front seats are renowned for their comfort and the company doesn’t skimp here, even though the XC40 is the most affordable Volvo SUV. Rear passengers can also be comfortable with a generous 36.1 inches rear legroom.

Cargo space behind the rear seats measures 16 cubic feet. Folding them down produces 46.9 cubic feet. It’s the same whether the XC40 has front-wheel drive or all-wheel drive.

If there’s a gripe, it’s that the Core trim has fabric upholstery, as opposed to simulated leather.

Exterior Styling

Volvo has made some minor revisions to the 2023 XC40’s outward appearance. It might take the keenest eyes to spot the differences, though. Look at the “Thor’s Hammer” headlights.

The top two trims now come with a choice of Bright or Dark exterior treatments. Pricing is identical.

A major facelift was unnecessary anyway. The XC40 made its debut for the 2019 model year and its shape has been widely received as a successful design.

Favorite Features

1. Google Built-In
This is a new operating system for the infotainment setup in every 2023 Volvo XC40, which includes Google Maps. More apps can be added through the Google Play store. It can be controlled by voice, activated by saying, “Hey, Google.” Other aspects include over-the-air updates, plus pairs of USB-C ports front and rear.

2. Digital driver information display
A lot of manufacturers, especially luxury marques, are fitting 12.3-inch displays where the old dials used to go. But it’s still good to see it here, contributing to the high-tech aspect of the 2023 XC40’s cabin.

3. Pilot Assist
As part of the adaptive cruise control feature, Pilot Assist adds steering corrections to keep the XC40 SUV in its lane. It’s not a hands-free system, but takes some of the fatigue out of long journeys. Pilot Assist/adaptive cruise control is offered as an option in Plus trim, or included as standard equipment in the Ultimate version.

4. Harman Kardon 13-speaker/600-watt premium sound system
Another attribute that’s optional in the Plus and standard in the Ultimate. Harman Kardon is a well-known and well-respected maker of great-sounding audio systems.

5. Removable/folding load floor
This handy item can cover a small storage area underneath. And when a section is folded up, it forms a couple of grocery bag holders. While this may seem a bit mundane, sure, we’d rather have this than groceries (or worse, take-out food) sliding all over the cargo area. It comes in at the XC40 Plus trim level.

6. Pixel technology headlights with active bending lights
Available only as an option with the Ultimate trim, these headlights have multiple LEDS for optimum illumination without dazzling anyone else. The active bending lights follow the direction of the steering.

Engine & Transmission

The number of driven wheels determines the drivetrain in a 2023 XC40 SUV. The B4 setup has front-wheel drive and the B5 alternative has all-wheel drive. Both employ a turbocharged 2.0-liter 4-cylinder engine and an 8-speed automatic transmission.

The B4 version develops 194 horsepower and 221 lb-ft of torque. The B5 makes 247 horsepower and 258 lb-ft of torque. Both engines require premium gasoline.

This year sees name changes, since these were known formerly as T4 and T5. Volvo made the shift because every new 2023 XC40 is now augmented by a mild hybrid system. It helps the engine reach its peak output with greater efficiency and smooths out the fuel-saving stop/restart action, but doesn’t improve fuel economy any more than one mile per gallon in city driving.

2.0-liter turbocharged inline-4 (B4)
194 horsepower @ 4,700 rpm
221 lb-ft of torque @ 1,400 rpm
EPA city/highway fuel economy: 24/32 mpg

2.0-liter turbocharged inline-4 (B5)
247 horsepower @ 5,500 rpm
258 lb-ft of torque @1,800 rpm
EPA city/highway fuel economy: 23/30 mpg


What did you think of this review?

More About How We Rate Vehicles
Advertisement

New Volvo XC40 Deals and Incentives

APR

3.99% APR | 72 months

Get 3.99% APR for 72 months on a new 2025 XC40 B5 AWD Ultra Dark.

See more details

End Date: 04/30/2025
LEASE

$599 /mo | 36 months | Due at Signing

Lease a new 2025 XC40 B5 AWD Ultra Dark for $599 a month for 36 months with $5049.000563 due at signing.

See more details

End Date: 04/30/2025
See All Current XC40 Deals

2023 Volvo XC40
KBB.com Consumer Reviews

4.6
Consumer Rating
Based on 22 Consumer Reviews
Write a Review
90%Recommend this vehicle
5
86%
5
86%
4
5%
4
5%
3
0%
3
0%
2
0%
2
0%
1
9%
1
9%
Value
4.4
Performance
4.6
Quality
4.6
Comfort
4.8
Reliability
4.6
Styling
4.9

Trending Topics in KBB.com Consumer Reviews

Advertisement

2023 Volvo XC40 Styles

Style
Price
Combined Fuel Economy
Horsepower
Seating
Cargo Capacity
Engine
Towing Capacity
0-60
Drivetrain
B4 Core Sport Utility 4D
$29,114
27 MPG
194 @ 4750 RPM
5
57.5 cu ft
4-Cyl, Turbo, 2.0 Liter
4409 lbs
7.6 seconds
FWD
B5 Core Sport Utility 4D
$29,629
26 MPG
247 @ 5400 RPM
5
57.5 cu ft
4-Cyl, Turbo, 2.0 Liter
4630 lbs
6.4 seconds
AWD
B4 Plus Dark Theme Sport Utility 4D
$30,000
27 MPG
194 @ 4750 RPM
5
57.5 cu ft
4-Cyl, Turbo, 2.0 Liter
4409 lbs
7.6 seconds
FWD
B4 Ultimate Bright Theme Sport Utility 4D
$30,100
27 MPG
194 @ 4750 RPM
5
57.5 cu ft
4-Cyl, Turbo, 2.0 Liter
4409 lbs
7.6 seconds
FWD
B4 Plus Bright Theme Sport Utility 4D
$30,200
27 MPG
194 @ 4750 RPM
5
57.5 cu ft
4-Cyl, Turbo, 2.0 Liter
4409 lbs
7.6 seconds
FWD
B5 Ultimate Dark Theme Sport Utility 4D
$30,200
26 MPG
247 @ 5400 RPM
5
57.5 cu ft
4-Cyl, Turbo, 2.0 Liter
4630 lbs
6.4 seconds
AWD
B5 Ultimate Bright Theme Sport Utility 4D
$30,300
26 MPG
247 @ 5400 RPM
5
57.5 cu ft
4-Cyl, Turbo, 2.0 Liter
4630 lbs
6.4 seconds
AWD
B5 Plus Dark Theme Sport Utility 4D
$30,400
26 MPG
247 @ 5400 RPM
5
57.5 cu ft
4-Cyl, Turbo, 2.0 Liter
4630 lbs
6.4 seconds
AWD
B5 Plus Bright Theme Sport Utility 4D
$31,500
26 MPG
247 @ 5400 RPM
5
57.5 cu ft
4-Cyl, Turbo, 2.0 Liter
4630 lbs
6.4 seconds
AWD
B4 Ultimate Dark Theme Sport Utility 4D
$31,789
27 MPG
194 @ 4750 RPM
5
57.5 cu ft
4-Cyl, Turbo, 2.0 Liter
4409 lbs
7.6 seconds
FWD
See Full Specs for All 2023 Volvo XC40 Styles
Advertisement

2023 Volvo XC40 Depreciation

A 2023 Volvo XC40 has a current resale value of $26,457 and trade-in value of $23,192.

Login or create a new account to see your vehicle depreciation forecast data.

Historical
historical solid line
Forecast
forecast dash line
2023 Volvo XC40
Compare up to 3 vehicles by logging in.

2023 Volvo XC40 Annual Depreciation

Year
Vehicle Depreciation*
Resale Value
Trade-In Value
Now
-
$26,457
$23,192
Lock Icon

Unlock Forecast

2-Year Forecasted Depreciation

*Depreciation for the last 12 months of the private party resale value.

2023 Volvo XC40 Depreciation

Annual Depreciation is an estimation of what your vehicle's value might be over time based on an average of similar vehicles. Estimations are calculated by comparing Kelley Blue Book Private Party Values of vehicles similar to yours over time, as well as forecasts from Manheim Auction data comparing current and projected auction values against current Kelley Blue Book Private Party and Trade-In Values. This is not a guarantee of actual depreciation. Local weather conditions, market factors and driver performance will also impact your vehicle's actual depreciation.


Is this information helpful?
Learn More About 2023 Volvo XC40 Depreciation

Already Own This Car?

See Cars for Sale

Specifications

Dimensions, Weights & Capacities

Fuel Capacity
14.3 gallons
Front Head Room
39.0 inches
Front Leg Room
40.9 inches
Max Seating Capacity
5
Minimum Ground Clearance
8.1 inches
Overall Length
174.8 inches
Front Shoulder Room
56.7 inches
Towing Capacity, Maximum
4409 lbs.
Trunk or Cargo Capacity
57.5 cu.ft.
Turning Diameter
37.4 feet
Wheel Base
106.4 inches
Width with mirrors
80.1 inches

Exterior

Alloy Wheels
Available
Number of Doors
4 doors
Privacy Glass
Available
Roof Rails
Available
LED Headlights
Available
Rear Spoiler
Available

Fuel Economy

City
24 mpg
Highway
32 mpg
Combined
27 mpg

Mechanical

Drivetrain
FWD
Transmission Type
Automatic
8 speed
Available
Recommended Fuel
Premium
Hill Descent Control
Available
Hill Start Assist
Available
Parking Assist System
Available

Performance

Horsepower
194 @ 4750 RPM
Torque
221 @ 1500 rpm
Engine
4-Cyl, Turbo, 2.0 Liter
0 to 60
7.6 seconds

Warranty

Basic
4 years / 50000 miles
Powertrain
4 years / 50000 miles
Corrosion
12 years / Unlimited miles

Comfort & Convenience

  • Heated Steering Wheel
  • Integrated Garage Door Opener

Entertainment

  • Premium Radio
  • Satellite Radio
  • Bluetooth Streaming Audio

Interior

  • Leather-Wrapped Steering Wheel
  • Power Windows
  • Steering Wheel Controls
  • Tilt Steering Wheel
  • Tilt/Telescoping Steering Wheel

Seating

  • Leather Seats
  • Folding Rear Seat
  • Cloth Seats
  • Heated Seats
  • Heated Rear Seats
  • Dual Power Front Seats
  • Power Driver's Seat

Security

  • Alarm System

Technology

  • Bluetooth Wireless Technology
  • Cruise Control
  • Hands Free Phone
  • Navigation System
  • Remote Keyless Entry
  • Push-Button Engine Start
  • Smartphone Interface
  • USB Port
  • Voice Recognition System

2023 Volvo XC40 Safety

2023 Volvo XC40 Safety Technology

Forward collision warning with automatic emergency braking

This is one of the many standard safety systems in every new XC40 and a contributing factor to it earning a Top Safety Pick+ accolade from the Insurance Institute of Highway Safety (IIHS) and a maximum 5-star overall score from the National Highway Traffic Safety Administration (NHTSA). This safety technology also includes pedestrian, cyclist, and large animal detection.

Blind-spot monitoring

Volvo calls this a Blind Spot Information System (BLIS). It comes with steering assistance, cross-traffic alert and automatic emergency braking. It’s another standard feature across the XC40 lineup.

360-degree camera system

All information is good information. This feature gives drivers a complete picture of what’s happening around their lovely and shiny new XC40, adding an audible element with front and rear parking sensors. It’s optional in the mid-range Plus model, and standard in the top Ultimate trim.

5.0

Crash Test Rating

Provided by the National Highway Traffic Safety Administration
Frontal Crash
5.0
Side Barrier
5.0
Rollover Rating
4.0
Side Crash
5.0

Compare to Similar Vehicles

Used 2023
Volvo XC40
Used 2023
BMW X1
Used 2023
BMW X2
Used 2023
Audi Q3
See Details
Price
$29,114
$33,615
$28,673
$31,679
KBB.com Rating
4.5
4.7
4.2
4.6
Consumer Rating
4.6
4.5
4.6
3.8
Fuel Economy
City 24/Hwy 32/Comb 27 MPG
City 25/Hwy 34/Comb 28 MPG
City 24/Hwy 32/Comb 27 MPG
City 23/Hwy 30/Comb 26 MPG
Fuel Type
Gas
N/A
N/A
N/A
Safety Rating
5.0
N/A
N/A
5.0
Seating Capacity5555
Basic Warranty
4 years or 50000 miles
4 years or 50000 miles
4 years or 50000 miles
4 years or 50000 miles
Horsepower
194 @ 4750 RPM
241 @ 4500 RPM
228 @ 5000 RPM
184 @ 4800 RPM
Engine
4-Cyl, Turbo, 2.0 Liter
4-Cyl, Turbo, 2.0 Liter
4-Cyl, Turbo, 2.0 Liter
4-Cyl, Turbo, 2.0 Liter
Drivetrain
FWD
AWD
FWD
AWD

2023 Volvo XC40 Rankings

More Volvo XC40 News & Information

General
Volvo Renames Two EVs; Gives One a Year Off

Volvo will drop the “Recharge” name from all its EVs and PHEVs for 2025.

Sean Tucker January 22, 2025
Electric Vehicle
Volvo XC40 Recharge Deliveries Held Up at Ports Entering Country

Buyers who have ordered a new Volvo XC40 Recharge electric SUV are waking up to emails from Volvo explaining why…

Sean Tucker March 03, 2021

FAQs

How much is a 2023 Volvo XC40?

Pricing for the 2023 XC40 small luxury SUV starts at $36,350 and goes up to $46,500 for a version in Ultimate trim with all-wheel drive.

Is the 2023 Volvo XC40 a good SUV?

There are some excellent small luxury SUVs, and the 2023 XC40 merits a place among them.

Where is the 2023 Volvo XC40 made?

The 2023 Volvo XC40 subcompact luxury SUV is built at the company’s factory in Ghent, Belgium.

Is the 2023 Volvo XC40 a good vehicle?

Yes, the 2023 Volvo XC40 is a good car, as reflected by its above-average Kelley Blue Book rating of 4.5 out of 5.

What is the MPG for a 2023 Volvo XC40?

2023 Volvo XC40 city/highway fuel economy ratings range from 22/30 mpg to 24/32 mpg, depending on trim and equipment.

How much should a 2023 Volvo XC40 cost?

Used 2023 Volvo XC40 prices currently range from $29,114 for the B4 Core Sport Utility 4D to $31,789 for the B4 Ultimate Dark Theme Sport Utility 4D when purchasing from a dealership, depending on a range of factors like equipment, mileage, and condition.

What's the cheapest Volvo XC40?

The cheapest 2023 Volvo XC40 is the B4 Core Sport Utility 4D, with a Kelley Blue Book Fair Purchase Price of $29,114.

Is the 2023 Volvo XC40 reliable?

The 2023 Volvo XC40 is part of the 1st-generation XC40, which our owners give an above-average reliability rating of 4.6 out of 5.

Also from Volvo

  • 2023 Volvo C40 Recharge
  • 2023 Volvo S60
  • 2023 Volvo S90
  • 2023 Volvo V60
  • 2023 Volvo V90
  • 2023 Volvo XC40 Recharge
  • 2023 Volvo XC60
  • 2023 Volvo XC90
Advertisement