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Not to be confused with its all-electric Recharge twin, the Volvo XC40 is a subcompact luxury SUV with an updated hybrid powertrain for the 2023 model year. Volvo is known for having some of the most affordable vehicles in the luxury segment, but does that still apply if you purchase the higher trims? Let’s find out how much an extra $20,000 gets you on the 2023 Volvo XC40.

Trim levels for the 2023 Volvo XC40

The base-level 2023 Volvo XC40 Core starts at $36,350. Like the other two trims, it’s powered by a mild-hybrid system paired with a 194-hp turbo-four engine. If desired, the hybrid system can be paired with a 247-hp turbo-four instead. Both can only be paired with an eight-speed automatic transmission. 

The XC40 Core features five seats clad in textile cloth upholstery, with standard power adjustability and heating for the driver’s seat. You also get a power liftgate for the cargo area, which has over 57 cubic feet of storage space. 18-inch wheels and a power-dimming rearview mirror are both standard on each trim. 

Inside the cabin, you also have a 9-inch infotainment touchscreen and a 12-inch digital gauge cluster. The former is powered by a Google interface, including smartphone integration for Android and Apple devices. You can also access the Google Play store, Maps, and a virtual assistant directly from your infotainment screen. This service is free for four years, after which you’ll have to purchase a digital services plan.

The advanced driver assist system includes blind-spot monitors with both cross-traffic alert and oncoming traffic alert. You’ll also get forward collision warning, a few lane-keeping assist features, and automatic emergency braking.

The mid-tier Volvo XC40 Plus is priced at $40,750 and comes with a few extra comfort and appearance upgrades. Highlights include a laminated panoramic moonroof, upgraded ambient lighting, and glossy aluminum accents for the interior. 

Keyless entry and foglights, along with front and rear parking sensors, are standard starting on this model. Functionality is also improved with power adjustability for the second-row seats and a cargo divider system. You can swap out the textile cloth seats with leather ones for no extra charge.

How much does the fully-loaded Volvo XC40 Ultimate cost?

The Volvo XC40’s highest trim costs at least $44,500 with the base powertrain and all the previously mentioned features. Additionally, the XC40 Ultimate adds Pilot Assist (the automaker’s semi-autonomous driving function), an upgraded Harman Kardon stereo system, and a 360-degree parking camera. It’s also outfitted with a few exclusive interior upgrades, like a crystal gear selector and genuine driftwood inlays.

If you want AWD and the upgraded engine, that adds a few thousand dollars to the XC40 Ultimate’s price. On this particular Volvo, every other paint color besides Black Stone costs an additional fee. Additionally, a charcoal-colored interior costs an extra $1,100.

Heating for the steering wheel and rear seats can be added with the Climate package. There’s also a package with rubber floor mats, wheel locks, and a cargo tray. The Polestar package costs $1,400 and adds mechanical upgrades to improve engine and transmission performance.

The most expensive exterior upgrade is a set of 21-inch diamond-cut alloy wheels for over $3,000. You can also add mud flaps, running boards, and a trailer hitch to the Volvo XC40 Ultimate. Adaptive headlights cost extra, as well as roof cross bars and a trunk spoiler. All these options combined bring the XC40 Ultimate’s total asking price to $55,715 when ordered through Volvo.

Experts recommend buying the XC40 Plus trim

As MotorTrend points out, the Plus trim, equipped with the upgraded engine and drivetrain, already offers a good balance of performance and feature variety. This luxury SUV can also be optioned with the premium audio system and Driver Assist package, which includes the Ultimate trim’s extra ADAS features. Even with those added, the Volvo XC40 Plus is only about $7,000 more expensive than the Core trim.

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