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The engine in your 2005 Volvo S40 should be running when you perform a transmission fluid level check, otherwise it will be inaccurate. The video above shows where the transmission fluid dipstick is located in your S40 and how to check the transmission fluid level. If the transmission fluid level in your S40 is low, you need to add transmission fluid through the dipstick tube. When adding transmission fluid to your S40, be sure to add it slowly as it will fill up quickly and is difficult to remove excess fluid if you overfill.
If you are having problems with the transmission in your S40, such as clunky shifting or hesitation, check the fluid level first - it is amazing how many drivers pay thousands of dollars for transmission work when a half quart of transmission fluid would have fixed the problem.
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