I'm sure the sport model looks a lot nicer with the sport kit and wheels.
And to be honest, I would have purchased a sport if I had seen one at the time!
I think your mind is made up between the two!
Go look at the running costs for the 2.0 as the engine will be more in road tax, potentially more thirsty (don't quote me, I've not looked at the mpg) too.
Yes there is storage behind the floating console and you can buy a "deeper" bin to stop stuff falling out so readily. Not a huge space!
Reversing sensors can be fitted cheaply, £15-20 for the kit and then the install is straight forward but does require drilling of the bumper or....you can go for the electromagnetic or what ever they call it. Basically a kit for £75 and involves no holes or ugly sensors. Apparently works very well. Long metal strips with self-adhesive attach to the inside of the bumper across the length of it!
With the Volvo sensors, they can fail and become annoying but you will know if this has happened when you test the car in reverse!
With the sport bodykit, check the front bumper lip for signs of damage, quite common as easy to bump on kerbs etc.
Mine is barents blue and I've decided to update the looks to the post 2007 look. Easy enough to do but painting is taking a lot of time as I'm a perfectionist...
Centre console and interior door handles can all be changed for little money.
Don't be put off by the current colour!
You should note that the aluminium version does "dent" easily.
There is a dark grey version, light and dark wood and a transparent light blue plastic version.
In the US they sell a carbon fibre version as well!
Mine was the dark wood effect but now I've changed it to light oak and added a sports steering wheel with the alloy insert.
Other things to be aware of in terms of looks!
Door mirrors, the shape was changed from 2006 and they became larger and more round (less rectangular).
Fake aerial on the roof (which is for the GPS module as the aerial is in the os rear window in the boot) changed shape after 2005.
External tailgate handle has changed a few times, first change was the addition of a small lip below the VOLVO letters.
Next came the spaced out V O L V O lettering.
And very recently they've added a chrome strip to the lip.
Take a look here:
http://gallery.me.com/chris_stewart#100203
There are many pics of S40/V50's which people own and you can see some small modifications or just good examples of their cars!
One point to be annoyed with as many people are annoyed ;-)
Opening the doors! When you drive the doors auto-lock after 5mph which is fairly common.
When you stop and get out, you have to pull the door lever twice to open the door. There are a few functions in the central computer which can be set but this is a feature! The radio acts as an interface in to the car computer to adjust things like external lighting and so on.
The A/C is a weak point and one of the pipes will leak in time but this is £75 part and then you just need a re-gas. No different from many other manufactures cars A/C systems!
Having had my Barents Blue for well over a year , I can say it is a great car.
Not sure I am fond of the colour but then again I've had a few blue cars.
I prefer Silver or a late shape version in White or Black!
Avoid anything in a daft colour like orange or a bright green as re-sale is tougher as with any car in a less popular colour!